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TPT Topps Tiles Plc

45.20
0.65 (1.46%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Topps Tiles Plc LSE:TPT London Ordinary Share GB00B18P5K83 ORD 3 1/3P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.65 1.46% 45.20 44.50 45.90 45.90 44.50 45.90 123,202 16:35:13
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Floor Covering Stores 262.71M 3.21M 0.0163 27.30 87.46M

Topps Tiles PLC Q3 Trading Update (6010R)

01/07/2020 7:00am

UK Regulatory


Topps Tiles (LSE:TPT)
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RNS Number : 6010R

Topps Tiles PLC

01 July 2020

1 July 2020

Topps Tiles Plc

Q3 Trading Update

Trading

Topps Tiles Plc (the "Group"), the UK's leading tile specialist, announces a trading update for the 13 week period ended 27 June 2020.

Retail trading over the third quarter improved significantly as stores re-opened, with average sales per week growing from GBP0.8 million during April (when all stores were closed) to GBP3.9 million in the final week of June when all stores were trading, which was 5.4% below the same week in the prior year on a like for like basis. The Board is pleased by this performance, which was ahead of its revised expectations following the outbreak of Covid-19.

Average Weekly Sales

 
             April      May      June       Q3 
 FY 2020    GBP0.8m   GBP1.3m   GBP3.3m   GBP1.9m 
           --------  --------  --------  -------- 
 FY 2019    GBP4.0m   GBP4.2m   GBP4.1m   GBP4.1m 
           --------  --------  --------  -------- 
   YoY%      (80)%     (69)%     (20)%     (53)% 
           --------  --------  --------  -------- 
 

Third Quarter Highlights

 
   Retail 
    -- Majority of stores opened from end of May with enhanced health and safety protocols in 
    place to safeguard colleagues and customers 
    -- Social distancing measures in stores not a significant constraint on trade due to relatively 
    low customer footfall and availability of space in stores to browse 
    -- Retail performance in the third quarter ahead of revised expectations due to accelerated 
    pace of store re-openings and better than expected customer demand 
    -- Retail website has performed robustly with sales across the quarter 139% ahead of the prior 
    year, leveraging the Group's recent investment in its online platform 
 
    Commercial 
    -- Commercial sales for the quarter were GBP1.4 million, which was 16% below the prior year 
    and 39% below the previous quarter 
    -- Activity levels across June have increased steadily as the construction industry has returned 
    to work 
 
    Cash, Debt & Liquidity 
    -- Sale and leaseback - central office and warehouse facility disposed of during the period 
    for GBP18.1 million, further strengthening Group liquidity 
    -- Encouraged by overall Q3 liquidity, with rate of sales recovery and cash performance ahead 
    of initial expectations 
    -- Period end net cash of GBP3.9 million and available cash headroom of GBP52.9 million (including 
    conclusion of additional CLBILS GBP10 million loan facility in the period) 
 

Rob Parker, Chief Executive, said: "I am pleased with the resilience shown by the business through this period and I would like to thank colleagues across the Group for their hard work and dedication which ensured that, by the end of June, all Topps stores were back open and serving our customers safely.

"The Group has demonstrated its resilience, with revenues ahead of our expectations, and we have strengthened our financial liquidity through the sale and leaseback of our central warehouse and head office facility.

"Looking ahead, from our market leading position and with a firm financial footing, Topps is well-positioned as the economy begins to recover."

- Ends -

Enquiries:

 
 Topps Tiles Plc                        0116 282 8000 
 Rob Parker, Chief Executive Officer 
 
 
 Citigate Dewe Rogerson 
 Kevin Smith                            020 3926 8509 
 Nick Hayns                             020 3926 8503 
 

Note to editors

Topps Tiles Plc is the UK's largest specialist supplier of tiles and associated products, targeting the UK domestic refurbishment and commercial market and serving a retail and trade customer base from 356 nationwide retail stores and four commercial showrooms.

Since opening its first store in 1963, Topps has maintained a simple operating philosophy - inspiring customers with unrivalled product choice and providing exceptional levels of customer service.

For further information, please visit http://www.toppstilesplc.com/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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July 01, 2020 02:00 ET (06:00 GMT)

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