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Topps Tiles

December 2014

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In its pre-close update covering the year to end September, Topps announced revenues will be £195m (2013: £177.8m) or up c.8% on a like-for-like basis. As a result pretax profit is expected to increase 30% to £17m.Topps has benefited from a stronger housing market, with transactions tracking over 20% ahead year on year since March. Given the more positive outlook Peel Hunt believes it could rebuild operating profit margins back to 15%+ over time, which is broadly double current profits. Even this could be conservative as Topps’ margins were 15-20% between 2003-2006 and peaked at 23%.The broker is forecasting eps of 6.8p for the year ended September ’14, rising to 7.5p this year and 8.3p in &rsquo ...

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