Topps Tiles Plc
Pre-close period Trading Update
Topps Tiles Plc (the "Group"), the UK's largest tile and wood flooring specialist, reports on expected trading for the 26 week period ending 2 April 2011, prior to entering its close period. The Board will announce preliminary results for the period on Wednesday 1 June 2011.
We expect to report that like-for-like revenues have increased by c.1.8% (2010: increase of 2.0%). Total revenues for the 26 week period from continuing businesses will be in the region of c.£89.2 million (2010: £91.4 million), a c.2.5% decrease on the 27 week period last year. When restated on a same reporting week basis the total revenues will be in the region of c.1.5% ahead of the prior period.
Quarter 2 revenues are expected to have increased by c.1.4% compared to quarter 2 2010, with like-for-like revenues increasing by c.1.4%.
The Group is currently trading from a total of 313 stores and expects to end the financial year with c.320.
The Group has now completed the refinancing of its loan facilities and has secured a new committed £75m revolving credit facility with its existing lenders through to May 2015. It is anticipated that a slightly higher cost of borrowing will be broadly offset by a smaller, more efficient loan facility.
There have been no further significant changes in the financial position of the Group since the publication of the Annual Report and Financial Statements for the 53 weeks ended 2 October 2010.
Enquiries:
Emma Kent / Duncan Mayall
Pelham Bell Pottinger 020 7861 3232
Matthew Williams, Chief Executive Officer
Rob Parker, Finance Director 0161 486 2400
This information is provided by RNS
