Topps on track as it finishes on flourish
Tile and wood flooring specialist Topps Tiles is on track to meet expectations after finishing its financial year with a flourish.
Tiles are us: Shares have slipped despite the news
Like-for-like revenues rose 4% in a better-than-expected fourth quarter, prompting at least two City analysts to raise their full-year forecasts.
Despite this, shares dipped 1.75p to 58.7p.
The group, which trades from 313 stores in the UK after opening 12 sites and closing or relocating eight shops in the year to September 30, said annual revenues will be in the region of £182.4m, a 2% increase.
It is on course for profits within the City's range of between £14.5m and £17.1m.
The fourth quarter improvement followed a tough summer for the Leicester-based company after like-for-like sales dropped 1.2% in the quarter to July 3.
David Jeary, a retail analyst at Investec Securities, said he now expected profits of around £16m this year, close to the level seen last year.
He added: 'This is a pleasing end to the year, after what has been a difficult period for Topps in recent years.'
Assuming that Topps can maintain the sales momentum, Mr Jeary said this year should represent the trough of a downward cycle that started in 2007.
Freddie George, a retail expert at Seymour Pierce, raised his profits target from £14.5m to £16m but said the current state of the housing market meant Topps was a long way from a return to the £40m in profits it achieved during the property boom in 2004/5.
The sheds, in particular B&Q, which has a 20% share of the tiles market, ramping up its effort.'
Mr George said he retained his sell recommendation.
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