UK’s Topps Tiles 1H Earnings Up

London, England, May 22, 2007–Flooring retailer Topps Tiles posted a 4.4% hike in like-for-like sales while half year pre-tax profit fell slightly, according to Sharecast.

The news service reported that earnings before tax fell to £18.7m in the six months ended 31 March 2007 from £20.3m the year before while sales for the period rose 14.9% to £101.8m.

Chief executive Nick Ounstead said, “Although the retail market continues to be tough, trading has been robust and we have delivered further revenue growth.”

Operating profit for the period rose 8.8% to £21.3m. Property disposals in the period generated a gain of £282,000, the firm explained.

The group, which has opened 15 new UK stores and 4 new Dutch stores in the last six months, said an interim net dividend of 3.75p has been declared, up from 3.50p the year before.

“We are confident of continued progress in the second half of 2007,” Ounstead added.