Primary Recommendation

Topps Tiles - Low fixed cost base

February 2008

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.

Topps Tiles has enjoyed impressive growth in recent years and hasalready developed into the UK's biggest multiple tile retailer with aguesstimated 22% market share. Some eyebrows will be raised at ourcoverage of the shares this month as retail sales are generallycyclical and housing market activity is the key driver of floorcovering demand with moving home often a catalyst to replace andupdate. It is precisely these kinds of obvious investor worries which havealready seen Topps' share price halve since November but we think thecompany has a number of defensive characteristics and the shares havefallen too far. Not only is there the fact that tiles are not a highticket item (the average project value being small at around Â£300) bu ...

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Topps Tiles (November 2023)

Topps Tiles - Post-election like-for-like recovery (February 2020)

Topps Tiles (February 2017)

Topps Tiles (August 2016)

Topps Tiles (November 2015)

Topps Tiles - Q3 LFL accelerates Berenberg forecast 10p next year (August 2015)

Topps Tiles - Takes off after chief executive buys 1m shares at 127p (June 2015)

Topps Tiles (May 2015)

Topps Tiles (October 2014)

Topps Tiles (May 2014)

Topps Tiles - Takeoff after Goldman sets 115p price target (August 2013)

Topps Tiles (July 2013)

Topps Tiles (August 2012)

Topps Tiles (May 2012)

Topps Tiles (October 2011)

Topps Tiles (August 2011)

Topps Tiles (March 2011)

Topps Tiles (December 2010)

Topps Tiles - Accelerating sales trend (November 2010)

Topp Tiles - Q3 update shows improving trend (August 2010)

Topps Tiles (July 2010)

Topps Tiles - Another opportunity to buy (May 2010)

Topps Tiles (February 2010)

Topps Tiles - Like-for-like sales go positive (December 2009)

Topps Tiles (November 2009)

Topps Tiles (September 2009)

Topps Tiles - Shares briefly hit Â£1 in June (June 2009)

Topps Tiles - Gain since recommendation: 94% (April 2009)

Topps Tiles - Further buying by directors (February 2009)

Topps Tiles (July 2008)

Topps Tiles (April 2008)

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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