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Topps Tiles revenues on the up, group remains 'cautious' of Britain's economic outlook

By Iain Gilbert

Date: Wednesday 03 Oct 2018

Topps Tiles revenues on the up, group remains 'cautious' of Britain's economic outlook

(Sharecast News) - Topps Tiles told investors on Wednesday that it expects revenues from its recently wrapped up trading year to be just ahead of that for the prior twelve months.
The group expects adjusted revenues for the twelve months ended 29 September to be in the region of £215m - a 1.51% uptick on the year prior - while like-for-like revenues were said to be down 2.9% year-on-year.

Topps said trading over the fourth quarter was improved due to a combination of its strategy and the outperformance of the market as a whole.

As a result, Topps now expects adjusted pre-tax profits to be slightly ahead of the top end of its current range of market expectations.

Looking ahead, Topps noted that the uncertainty in Britain's economic outlook meant it would "remain cautious" and will be maintaining its focus on its gross margins, tight cost control and strong underlying cash generation.

Chief executive Matthew Williams, said: "I am pleased to report an improvement in trading over the final quarter which has enabled the group to post a full-year sales result which is slightly ahead of the top end of market expectations and which represents an outperformance of the overall tile market."

As of 1030 BST, Topps shares had climbed 11.59% to 69.97p.

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