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Topps Tiles - Â£15m placing strengthens balance sheet

January 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Final results from Topps beat expectations by a substantial margin, with pretax profit of £16.3m well ahead of broker Oriel's forecast for £13.1m. Another positive was the fall in net debt from £92m to £71m. While like-for-like sales fell 13.5%, the trend has recently been more encouraging with same store sales in the UK increasing 2.2% in the past seven weeks. While Holland suffered an awful 42.2% sales decline, the overall group figure still rose 0.5%. Over the year the company closed a net 11 stores, with 13 closures of the trade focused Tile Clearing House (TCH) offset by two openings for Topps Tiles. Given that the TCH format ended the year with operating margins of 8.1% compared to Topps Tiles' 12.7%, ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Topps Tiles - Â£15m placing strengthens balance sheet

January 2010

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