Topps Tiles eyes modest rise in full-year profits

Flooring retailer Topps Tiles today said it expects to deliver a small increase in annual profits, despite customers keeping a tight rein on spending.

The firm, which operates from 328 stores, forecast an adjusted pre-tax profit of about £13 million for the year to 28 September, up from £12.8m the previous year, on flat revenues of £177.7m.

Chief executive Matthew Williams said: “After the declines seen in the second and third quarters, sales over the final three months of our financial year have been broadly level on a like-for-like basis, which provides encouragement for the year ahead.

“The economy is starting to show signs of a gradual recovery and our business is well positioned to capitalise on any improvements in consumer confidence and increased levels of discretionary expenditure.”

Topps is due to publish its annual results on 26 November.