Topps Tiles revenues fall in '˜tougher' market conditions

Sales at Topps Tiles fell in the first half of the year as the tiling and flooring retailer flagged a slowing housing market and tougher market conditions.
By The Newsroom
Published 4th Apr 2017, 09:01 BST
Updated 8th Apr 2017, 22:30 BST
File photo issued by Topps Tiles of one of its stores, as sales at the tiling and flooring retailer fell in the first half of the year with the group flagging a slowing housing market and tougher market conditions. PRESS ASSOCIATION Photo. Issue date: Tuesday April 4, 2017. Photo: Topps Tiles/PA WireFile photo issued by Topps Tiles of one of its stores, as sales at the tiling and flooring retailer fell in the first half of the year with the group flagging a slowing housing market and tougher market conditions. PRESS ASSOCIATION Photo. Issue date: Tuesday April 4, 2017. Photo: Topps Tiles/PA Wire
File photo issued by Topps Tiles of one of its stores, as sales at the tiling and flooring retailer fell in the first half of the year with the group flagging a slowing housing market and tougher market conditions. PRESS ASSOCIATION Photo. Issue date: Tuesday April 4, 2017. Photo: Topps Tiles/PA Wire

The group said revenue in the six months to April fell 1.4 per cent to £107 million, while like-for- like sales dipped 1.9 per cent.

Topps said trading in the second quarter reflected “softer market conditions” and the group flagged tough comparatives last year, when housing transactions were on the up ahead of stamp duty changes which came into effect in April 2016.

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Boss Matthew Williams said: “Market conditions over the second quarter have been tougher, but the business has responded well, with tight control of costs.

“While we are taking a prudent view on the outlook for the balance of 2017, an improving trend over the second quarter provides some encouragement.”

The firm said lower sales growth over the first half will be offset by reduced expenditure and expectations for full-year profits remain unchanged.

Adam Tomlinson, analyst at Liberum, said: “While uncertainty remains for the second half outlook, we believe Topps’ leading, specialist market position means it is better placed than its competitors to weather any persistence in softer trading conditions.

“We expect the ongoing store roll-out and focused strategy to support long-term growth and market share gains.”