Updates

Topps Tiles

December 2010

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.

Solid full year results for the 53 weeks to 30 September from Topps, which holds 25% of the UK tile market, with an adjusted pretax profit of Â£16.3m, down from Â£17.6m the year before. Earnings per share were 6p. Adjusting for the 53rd week, sales were level with last year with a rise of 1.7% at Â£182.4m on a like-for-like basis but thatâ€™s against a decline of 13.1% seen last year. Gross margin declined 50 bp as expected to 58.7% but unchanged from H1 to H2 as advertising costs lifted slightly.At the period end Topps was trading from 312 stores, a net increase of three during the year but it is now planning to resume its opening programme with 10 units planned this year. Net debt has been cut sharply by Â£22.1m to Â£49.1m helpe ...

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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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