viewTopps Tiles PLC

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

Market: LSE
Market Cap: £100.97 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


GinsGlobal Managing Director sees Healthcare and Healthcare innovation as...

HANetf and GinsGlobal Index Funds' Managing Director Anthony Ginsberg joined Steve Darling from Proactive to share details about the success of their Healthcare Innovations ETF. Ginsberg discusses how COVID-19 had made a direct impact on that fund, especially in the telemedicine...

2 days, 2 hours ago

2 min read