Profit slips nearly 20 per cent at Topps Tiles in first half
Topps Tiles said profit before tax fell nearly 20 per cent in the first half of its financial year.
The specialist tile retailer said revenue slipped 0.2 per cent to £110.3m and profit before tax fell 18.8 per cent to £5.2m.
Basic earnings per share fell 24 per cent to 2.03p.
Read more: Topps Tiles recovers from 2018 profit fall
In the seven weeks to 18 May the company said like-for-like sales increased 1.2 per cent, compared to a 0.2 per cent fall at the same period last year.
Chief executive Matthew Williams said: “The group has delivered a resilient first half performance as we continue to consolidate our position as the UK’s leading tile specialist. Against a consumer backdrop which remains challenging, our trading performance was robust, underpinned by further gains in market share.
“The group has made an encouraging start to the second half, with trading in the period to date continuing the positive trend seen in Q2. While we are retaining a prudent view of market conditions for the remainder of the year, we remain confident in our ability to continue to extend our market leading position.”
Read more: Sales slip at Topps Tiles in tough retail climate
On an adjusted basis, taking out items such as trading losses from its new commercial business, it said adjusted profit before tax was up 11 per cent at £8m and gross margin was up 90 basis points at 61.4 per cent.
In November, Topps Tiles revealed that adjusted profits before tax fell 14 per cent to £16m for the year ending 30 September.