Topps Tiles on target after strong fourth quarter

Profit for the year at tile specialist Topps Tiles is expected to be broadly in line with forecasts after stellar demand in the final quarter.

The retailer said it traded positively in the fourth quarter, with revenues estimated to have increased by 3.7% on a like-for-like (LFL) basis.

Revenues for the 52-week period are expected to be around £177m compared to £175.5m in 2011. LFL revenues are expected to fall around 1% on the prior year, compared to the 2% fall seen the previous year.

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Overall, the UK's largest tile specialist expects adjusted pre-tax profit for the 52-week period will be broadly in line with consensus.

The current range of analysts' estimates for adjusted pre-tax profit for the year ending September 29th 2012 is £12.7m to £14m, with a consensus of £13.1m.

The group, which operates from 325 UK stores, after opening 13 new stores and closing or relocating during the financial year, said there have been no significant changes in its financial position since its update in March.

During the period the group completed a £3.1m disposal of a freehold property.

CJ