topps tiles

Topps Tiles shares (LON:TPT) rose after the company published a trading update on Wednesday.

The tile retailer said total revenues for the 26 week period to 30 March were £108.8 million, down slightly from the £109.4 million reported a year before.

Meanwhile, like-for-like revenues increased by 0.2%, whilst trading over the second quarter ‘improved’, with like-for-like sales rising 1.8%.

Matthew Williams, Chief Executive Officer, commented on the update:

“Developing and reinforcing our specialism in tiles is at the heart of our growth strategy. I am encouraged by our overall performance in the first half and believe the successful execution of this strategy is enabling us to outperform the overall tile market. Our commercial business is growing at pace and we remain open to opportunities to accelerate its expansion.”

Topps Tiles is set to report its interim results later this year, on 21 May 2019.

In its most recent results published in January, the company saw a dip in sales amid a ‘challenging market backdrop’.

Sales were down 1.4% for the 13 week period through December 29th, however, Topps Tiles said it was making progress.

Shares in the company are currently +4.92% as of 14:38PM as investors react to the trading update(GMT).