Robust performance for Topps Tiles

The company, which has 312 stores, released its Annual Financial Report today

For the 53 weeks ended 2 October 2010,total Group revenue increased 2.0% to £182.4 million (2009: £178.8 million). Like-for-like revenue increased 1.7% (2009: declined 13.1%) and Group gross margin was 58.7% (2009: 59.2%). Operating profit of £19.9 million (2009: £21.3 million). Adjusted operating profit was £21.1 million (2009: £22.8 million).

Profit before tax was £12.4 million (2009: £9.9 million. In the first 7 weeks of the new financial period, Group revenues increased by 2.9% and increased by 3.2% on a like-for-like basis.

Commenting on the results, Matthew Williams, Chief Executive said,"This has been a robust performance from the business during a tough trading period, which demonstrates the effectiveness of our strategy and the strength and resilience of our business model. Through the prudent management of costs and careful control of our business, we have significantly reduced our net debt position during the period and continued to build on our market leading position.

"We are encouraged by current trading despite the challenging economic outlook and subdued levels of consumer confidence. We are confident that the business will benefit from our growth strategy and our continued focus on delivering outstanding value to our customers."

Source : The Retail Bulletin