Topps Tiles FY profit up on record revenues
Topps Tiles reported a 17% rise in pre-tax profit for the 52 weeks ended 1 October as revenue grew to record levels and the company sounded a positive note on its outlook.
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Pre-tax profit increased to £20m from £17m the year before on record revenue of £215m, up 1.3%.
The company upped its final dividend to 2.5p per share from 2.25p the year before, making a total for the year of 3.5p, up 16.7%.
Topps said its strategy of ‘outspecialising the specialists’ continues to deliver successful results, while sales benefited from continued new product development as the company launched at least one new product each week both in store and online.
Chief executive Matthew Williams said: "I am pleased to report that Topps has delivered a strong performance for the year, with our unrivalled combination of range, inspiration and convenience resonating with more customers and driving sales to a new record. Sales growth, combined with gross margin improvements and strong cost controls, generated a 10% increase in profits and a 17% increase in dividend.
"Our proven strategy, well-invested business and market leading position, leave Topps well-placed for further progress in the year ahead."
Topps said trading in the first eight weeks of the new financial year has been in line with its expectations, with like-for-like sales up 0.8% compared to 3.3% growth in 2015.
The group is now trading from 352 stores versus 346 a year ago and said it expects a stable gross margin despite significant FX headwinds.
At 0917 GMT, the shares were up 4% to 89.18p.