Topps Tiles shares go through the roof as full-year profits race ahead of expectations
Topps Tiles shares are soaring ahead this morning after it said pre-tax profits for the year would be at the top end of market expectations.
Shares in the tiling business rose as much as 11 per cent and are now are trading 10 per cent higher.
A trading update said adjusted revenues for the 52 weeks up to 29 September 2018 had now turned a corner, and after lowering in 2017 had now risen to £215m from £211.8m last year.
The group is now trading across 370 sites across the UK, after opening two and closing six others.
Matthew Williams, chief executive officer, said:
I am pleased to report an improvement in trading over the final quarter which has enabled the group to post a full year sales result which is slightly ahead of the top end of market expectations and which represents an outperformance of the overall tile market.
Our core Topps Tiles business is a well invested, cash generative market leader with a proven strategy and we continue to make good progress with our expansion into the commercial segment of the UK tile market which will be an important source of future growth for the group.
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