Tiles company Topps Tiles has increased profits |
|
|
Published
:
Wed, 30 Nov 2005 07:15
|
LONDON: Top flooring and wood tiles specialist Topps Tiles Plc. posted a 12.9 per cent increase in profits for the year ended 1 October 2005 at 37.5 million pounds. Its turnover of 173.3 million pounds is up 10 per cent compared with the previous year. The company said homeowners opting to refurbish existing properties rather than move house has helped it in hiking the profits.
However, the company reported a fall of 4.7 per cent in the like-for-like sales in the first seven weeks of the new financial year, saying tough trading conditions in the retail market affected it.
The company's shares fell 2.35 per cent to 176-3/4 pence on Tuesday, giving it a market value of around 400 million pounds.
Chairman Barry Bester said in spite of a volatile trading environment in the country, the company is confident that its strengths will help it to grow the business.
The company said it will focus on improving margins and cutting costs. There will be no job losses.
The company feels that the DIY sector in the country remained stable in the mid to longer term, in view of a growth in the middle-aged population, increasing number of households, increasing owner-occupancy and ageing housing stock.
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
1449.80 |
+51.73 (
3.63 %)
|
| SYMBOL (
2008-12-02 ) |
| LAST |
CHANGE
|
|
CARNIVAL
(
11:35am )
|
|
1347.00 |
+51.00 (
4.02 %)
|
| SYMBOL (
2008-12-02 )
|
| LAST |
CHANGE
|
|
IBM
(
4:01pm ) |
|
79.84 |
+2.94 (
3.78 %)
|
| SYMBOL (
2008-12-02 )
|
| LAST |
CHANGE
|
|
GOOGLE
(
4:00pm ) |
|
275.11 |
+9.12 (
3.37 %)
|
|
|
Print this Story
Toy train maker Hornby paints grim 2H outlook 