Updates

Topps Tiles - Efficiency gains offset sales fall

July 2006

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.

Results from specialist tile retailer Topps Tiles, for the six months ended 26 April, were as expected. Pretax profit was flat at £20m on sales up 1.2% at £88.6m, while earnings decreased from 7.4p to 6.4p, largely reflecting the soft conditions on the high street. Nevertheless, Topps is a resilient operator and in spite of same store sales declining 4%, its ongoing efficiency drive helped increase gross margins by 1.5% to 62.4%, which prevented any significant decline in profitability. Operating cashflow was also strong at £19.5m, while net cash increased from £16.7m to £24.9m. During the period, Topps opened 14 net new stores, leaving the estate with 258 stores (217 Topps and 41 Tile Clearing Hous ...

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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 - Efficiency gains offset sales fall

July 2006

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