Essential reading for retailers and suppliers in the home improvement market

Pressure in housing market to affect Topps

Published: 27 May 2008
Analysts forecast drop in profits.
Topps Tiles is expected to report a three per cent fall in first-half profits tomorrow, according to analysts at the broker Dresdner Kleinwort.

For the six months to March 30, the analysts at the City investment house are predicting pre-tax profit of £17.7m, down from £18.3m in the previous corresponding period.

While analyst Andrew Wade of Seymour Pierce says the rising pressure on the housing sector will lead to further dips in performance following the company's first-half trading update.

He supports this by highlighting a deceleration in Topps Tiles' UK like-for-like sales growth of 0.5% in 1H, and a decline in like-for-like sales in Holland in 2Q.

However, analyst Philip Dorgan of Panmure Gordon maintains a more positive stance than the other two.

In a research note published today, he says Topps Tiles' interim results are expected to exhibit 'resilience'.

Although, he adds that Topps is likely to have taken interest charges of £2 million associated with a marked-to-market adjustment on hedging, which is expected to result in the pre-tax profits declining from £18.7 million to £15.5 million in the period.

Comments


(Your email address will not be published)
Already Registered?
Sign In
Not Yet Registered?
Register
Printable View E-mail Bookmark

What do you think?


How has footfall been so far this January?



Latest reader comments

re: Focus to enter administration

treejoc
Ossian, said sad to see it go .This is what a debt does, well if cerberus and the moneylenders hadn't taken 2.6 billion out of the old ...

re: Staff at new B&M store to face Christmas Eve redundancy

Keith Singleton
I am disgusted at the treatment shown to staff by the multiples. No wonder they get so big so quickly. But it isn't just their staff that ...

re: PM refuses calls for shops to shut on Boxing Day

Danny Ocean
Wasn't this the PM who stood on the steps of number 10 preaching that she would be the champion of the little people and making the world a ...

re: Parasene announces multi-million pound expansion

MARCELINO NOVAL
Did you actually carriet this project ?...

re: Wickes: More complaints from employees

jefg
Forklift drivers are no linger paid extra as of this summer. Its an added risk. I have been advised not to take the FLT training...

Most read stories