Topps Tiles forecasts lower first half profit

Topps Tiles Plc (the "Group"), the UK's largest tile specialist, reports a trading update for the 26 week period ending 30 March 2013, prior to entering its close period. The Board will announce interim results for the period on 29 May 2013.

Total revenues for the 26 week period will be in the region of c.£87.4 million (2012: £86.6 million), a c.0.9% increase year on year. Like-for-like revenues for the 26 week period will have decreased by c.0.3%.

Underlying profit before tax for the first half is expected to be c.£4.3m (2012: £5.6m).

Against a background of weaker than expected demand, a number of cost reduction initiatives have been implemented and, when taken into account, management expect that full year adjusted profit before tax will be within the current range of market expectations (1).

The Group is currently trading from a total of 320 stores and continues to make significant investments across the business as part of the strategy to grow market share.

There have been no significant or unexpected changes in the financial position of the Group since the publication of the Annual Financial Report for the 52 weeks ended 29 September 2012.

(1) The current range of market expectations for underlying pre-tax profitability for the 52 weeks ended 28 September 2013 is £13.3m to £13.8m

Source : Topps Tiles
www.toppstiles.co.uk/comms-centre/investors.asp