Shares in Topps Tiles PLC (LSE:TPT) rose 4.4% after the retailer announced underlying first-half profits ahead of forecast and said current trading in the second half was strong.
Adjusted profit before tax came in at £3.2 million for the 26 weeks ended 29 March, up 3.2% year on year.
Analysts at house broker Peel Hunt said that was ahead of its £2.2 million forecast, but excludes trading losses of £1 million from its CTD acquisition that were treated as an adjusting item, with the underlying business performing in line with expectations.
Excluding-CTD, first-half revenues increased 4.1% to £127.8 million, with Pro Tiler revenues up 17.6%, Tile Warehouse sales doubled and core Topps up 2.2%.
Current trading has seen group sales up 9.5% in the first seven weeks of the second half.
After CEO Rob Parker gave his notice in January, the recruitment process continues with an announcement expected in the second half "with a planned transition".
Parker said based on current trading "we expect our full year profits to show a meaningful improvement over the prior year".
Peel Hunt said its forecasts remain unchanged.