Topps Tiles profits surge

Topps Tiles improved its FY pretax profit to £16.7m, from £10.6m a year ago. Group revenue was £195.2m, from £177.8m. Its total dividend was 2.25p, from 1.5p, and included a final payment of 1.6p, from 1p.

The Group is now trading from 336 stores, against 327 stores a year ago. In the first eight weeks of the new financial period, Topps' revenues, stated on a like-for-like basis, rose 6.7%, against a 7.4% hike at the same time a year ago.

CEO Matthew Williams commented:

"Topps had an excellent year in 2013/14 as our consistent focus on taking profitable market share helped the Group to significantly outperform the overall tile market and deliver robust increases in like for like sales, pre-tax profits and earnings per share.  

"We are also delighted to be recommending to shareholders a 50% increase in full year dividend to 2.25 pence per share.

"Furthermore, we have made an encouraging start to the new financial year with like-for-like sales ahead by 6.7%.  

"With a programme of initiatives to extend the appeal of the Topps brand well underway, we are confident that we will deliver further progress this financial year towards our goal of taking one third of the market." 

Operational Highlights:

· Market share increased to 30.3%4 (2013: 28.5%) reflecting successful strategy of providing an inspirational shopping experience, unrivalled product range authority and multi-channel convenience

· Sixth consecutive year of market share gains - strong progress made towards target of taking £1 in every £3 spent on tiles in the UK domestic refurbishment market 

· Trade sales increased to 46% of total (2013: 43%) as trend for "do it for me" gathers further momentum 

· Sales benefiting from increased investment in new product development - 20% of tile revenues generated from ranges launched in the last 18 months

· Multiple initiatives to extend the appeal of the Topps brand being implemented.

Source: Stockmarketwire.

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