Updates

Topps Tiles

July 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.

The shares have been treading water following the interims to 3 April. This showed an adjusted profit of Â£7.8m, down Â£0.9m on last year. Adjusted eps was 3p after dilution from the additional shares in issue after November's Â£15.4m placing. At the period end, Topps was trading from 309 stores in the UK having now exited those in Holland. Sales from continuing operations were Â£91.4m, up 4.4% including new stores but up 2% on a like-for-like basis.The business traded well over Q1, with December particularly strong but the heavy snow in January and February impacted trading in Q2. Overall, like-for-like sales were up 5.5% in Q1 but fell by 1.5% in Q2. Overall, gross margin was 58.8% in H1 10 versus 58.1% in H2 09.Th ...

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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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