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Topps Tiles expects modest full-year profit after robust summer trading

Home improvement and DIY demand have been driving sales in the summer months

Topps Tiles PLC - Topps Tiles expects modest full-year profit after robust summer trading

Topps Tiles PLC (LON:TPT) said it expects to generate a modest level of adjusted profit before tax in the year to September 26, 2020.

The retailer said sales in the six weeks to August 8 jumped by 13% to £4mln, with like-for-like sales up 15%, thanks to strong home improvement and DIY demand, with trade customer activity recovering steadily from April lows.

READ: Topps Tiles says sales top expectations following stores reopening

Online sales have moderated from the peaks seen in April and May but they remain above pre-coronavirus pandemic levels, it added.

The retailer is currently sitting on £9mln of net cash and available cash headroom of £58mln within its financing facilities, thanks to strong trading and the proceeds from the sale and leaseback of its head office and warehouse buildings at Enderby in June.

Analysts at house broker Liberum increased the target price to 85p from 75p on the back of continued better trading and the current net cash position.

Shares shot up 19% to 51.6p on Thursday morning.

--Adds analyst comment, shares--

Quick facts: Topps Tiles PLC

Price: 51.4 GBX

LSE:TPT
Market: LSE
Market Cap: £100.97 m
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