Shares in Topps Tiles (LON:TPT) fell over 4 percent on Wednesday morning, after the company warned on profits ahead of full year results.
A slowdown in the housing led to a tougher time for the company, who detailed “challenging market conditions” as the reason for the drop in profits. They are now expected to be at the lower end of expectations, after the range was lowered to between £18.5 million and £19.5 million, down from an earlier estimate of £21.65 million.
Revenues for the year are expected to be in the region of £211.6 million, down on £215 million a year earlier.
Matthew Williams, Topps Tiles’s chief executive, said “significant strategic progress has been made”, and that the company remains “excited by the growth opportunities open to us.”
“Despite this, the tougher market conditions we first highlighted in Q2 continued into the final quarter and, as a result, we are taking a prudent view on market conditions for the year ahead.
“We remain focused on our strategy of ‘Out Specialising the Specialists’ and are beginning to gain traction with a number of new initiatives.”
Shares in Topps Tiles are currently trading down 1.80 percent at 73.40 (1035GMT).
