Topps Tiles PLC (LSE:TPT) said it expects adjusted profits for the year to be towards the upper end of market expectations which it said were currently between £13.8mln to £15.4mln.
In a trading update for the 52 weeks to 1 October 2022, it said group sales were around £247.3mln, a second consecutive record year of turnover, with year-on-year sales growth of 10.6% on a comparable 52-week basis.
Group sales in the 13 weeks to 1 October were 4.3% higher year on year, with positive progress from all parts of the business, it said.
Topps Tiles said it had a positive net cash balance of approximately £15.9mln at year end, with no borrowings and that it is the final stages of renewing a £39.0mln revolving credit facility, which is currently committed until summer 2023.
Rob Parker, CEO, said: "The group has worked hard to achieve a strong balance sheet with positive net cash and this will serve us well as we move into a period of macroeconomic volatility, leading to a more uncertain environment for consumers.”