Topps Tiles plans expansion

Leicester-based Topps Tiles said that it expects to report a sales drop of 2.5 per cent when it reveals its next set of financial results. In a trading update to the London Stock Exchange this morning, the tile and wood flooring specialist said it hopes to add another seven stores to its UK portfolio by the end of its financial year.

Topps Tiles released its expected results for the 26-week period ending 2 April 2011 this morning. The company said it expected to report that like-for-like revenues had increased by 1.8 per cent, a slightly lower incline than the 2 per cent increase it experienced at the end of 2010.
Total revenues for the period will be about £89.2m; a 2.5 per cent decrease on the 27 week period last year.

The company added that on a same week basis, the total revenues will be in the region of 1.5 per cent ahead of the prior period.

In a statement, Topps Tiles said: "The group is currently trading from a total of 313 stores and expects to end the financial year with 320.

“The group has now completed the refinancing of its loan facilities and has secured a new committed £75m revolving credit facility with its existing lenders through to May 2015. It is anticipated that a slightly higher cost of borrowing will be broadly offset by a smaller, more efficient loan facility.”

Source : Insider Media Limited