Topps Tiles PLC Q1 Trading Update (6832K)
06 Gennaio 2021 - 8:00AM
UK Regulatory
TIDMTPT
RNS Number : 6832K
Topps Tiles PLC
06 January 2021
6 January 2021
Topps Tiles Plc
Q1 Trading Update
Topps Tiles Plc ("Topps" or the "Group"), the UK's leading tile
specialist, announces a trading update for the 13 week period ended
26 December 2020.
Retail like-for-like sales increased by 19.9% in the first 13
weeks of the current financial year (2020: decreased by 5.4%), with
good growth in sales across both of our main customer groups,
professional fitters and homeowners.
As the Covid-19 pandemic continues, the safety and welfare of
colleagues and customers remains our top priority. All of our
stores are Covid-19 Secure with enhanced cleaning and hygiene
protocols in place. Tiles and associated products are building
materials and we continue to trade under the building supplies
exemption. However, under the current lockdown rules for England we
are currently being advised to close our tile aisles in stores to
prevent browsing. Customers can transact at the trade counter or
through our online channel with direct delivery or click &
collect. We expect to see an impact on sales during the period of
tighter restrictions and trading margins will come under some
pressure due to the additional delivery costs associated with
higher levels of online sales.
The markets served by our Commercial business are seeing a more
protracted recovery from the impact of Covid-19 when compared to
that witnessed in domestic RMI, however we expect to make progress
within Commercial this year. Our performance in Commercial is in
line with our plans and we remain committed to our strategy of
disrupting the commercial market and constructing a market leader
over the medium term.
The Group's balance sheet is in a fundamentally stronger
position compared with the first national lockdown in Spring 2020
and, as at 26 December 2020, adjusted net cash was GBP28.5 million.
During the first quarter we repaid a GBP5.0 million term loan drawn
as part of the Coronavirus Large Business Interruption Loan Scheme,
and cancelled an unused GBP5.0 million revolving credit facility
under the same scheme. As such, the Group is now debt free.
Rob Parker, CEO, said: "I am encouraged by our performance over
the first quarter with our Retail business performing very
strongly, with like-for-like sales up by 19.9%, and our Commercial
business on track with our plans.
"As we have done throughout the pandemic, we are continuing to
put colleague and customer welfare first. While the latest lockdown
restrictions will impact sales, at this stage it is very difficult
to estimate the level of impact or how long this may last. The
business remains well funded, is debt free, has a market leading
offer and a clear strategic focus on achieving our goal of '1 in 5
by 2025'*. The combination of these factors gives me confidence
that Topps is well-positioned for growth as we emerge from the
restrictions of the pandemic and the economy recovers."
* Refers to Topps' goal of accounting for GBP1 in every GBP5
spent on tiles and associated products in the UK by 2025, thereby
increasing its market share to 20% from approximately 17% at
present.
The Group will announce a trading update for the 26 weeks ending
27 March 2021 on 31 March 2021.
For further information please contact:
Topps Tiles Plc
Rob Parker, CEO
Stephen Hopson, CFO 0116 282 8000
Citigate Dewe Rogerson
Kevin Smith/Nick Hayns 020 7638 9571
Notes to editors
Topps Tiles Plc is the UK's largest specialist supplier of tiles
and associated products, targeting the UK domestic refurbishment
and commercial market and serving a retail and trade customer base
from 343 nationwide Retail stores, four Commercial showrooms and
three trading websites: www.toppstiles.co.uk , www.parkside.co.uk
and www.stratatiles.co.uk .
Since opening its first store in 1963, Topps has maintained a
simple operating philosophy -- inspiring customers with unrivalled
product choice and providing exceptional levels of customer
service. For further information on the Group, please visit
http://www.toppstilesplc.com/
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTUPUCUGUPGGRA
(END) Dow Jones Newswires
January 06, 2021 02:00 ET (07:00 GMT)
Grafico Azioni Topps Tiles (LSE:TPT)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Topps Tiles (LSE:TPT)
Storico
Da Apr 2023 a Apr 2024