Topps sales up but profits dip

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Flooring retailer Topps Tiles has posted an 8 per cent fall in annual profits despite enjoying its first rise in sales for five years.

The group, which has 324 stores across the UK, reported adjusted pre-tax profits of £12.8 million in the 12 months to 29 September, down from £13.9m a year earlier.

A rebound in like-for-like sales in the second half – up 3.5 per cent against a 4.7 per cent fall in the first six months – helped lift overall year-on-year sales for the first time since 2007, with revenues rising from £175.5m to £177.7m. However, Topps revealed sales growth had slipped back to 1 per cent in the first seven weeks of the new financial year and warned that conditions are “likely to remain uncertain throughout 2013”.

The board proposed a final dividend of 0.75p per share, up from last year’s pay-out of 0.6p.