Topps Tiles maintains revenue steering because it outperforms a weak market
Topps Tiles shares dipped on Thursday after saying full-year revenue can be in step with expectations, because the tile specialist weathered a difficult market and accomplished a cost-cutting programme.
The firm expects adjusted pre-tax revenue in step with the roughly £6.6m analysts had forecast for the yr to 26 September.
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Group turnover, together with its CTD commerce, slipped round 1.3% to about £292m, reflecting retailer closures, although turnover excluding CTD edged up 0.7%.
Like-for-like gross sales at its core Topps Tiles model have been broadly flat, held again by excessive summer season warmth however bettering in September, and the corporate stated it had outperformed a wider market that fell round 1.7%.
Its trade-focused Pro Tiler Tools commerce stood out, with report turnover up greater than 18%. Online gross sales grew to account for practically 23% of group turnover, and newer product classes corresponding to acoustic panels and outside tiles grew 9%.
The firm stated it had accomplished a self-help programme, together with retailer closures, a extra versatile labour mannequin and head workplace cuts, to help profitability, whereas its latest acquisition of Fired Earth had added to revenue.
Although the corporate is doing an excellent job of saving cash the place attainable, the burden of a comfortable market is proving an excessive amount of for some buyers and shares misplaced 3% on Thursday.
