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UK's Topps Tiles forecasts weak FY profit; shares fall
May 23, 2017 / 8:11 AM / 7 months ago

UK's Topps Tiles forecasts weak FY profit; shares fall

May 23 (Reuters) - Topps Tiles:

** Tile retailer Topps Tiles says full-year pretax profit likely to come in at the lower end of the range estimated by analysts; Analysts estimate between 21.0 million pounds - 22.1 million pounds ($27.3 million - $28.7 million)

** Shares down as much as 8.7 pct by 0732 GMT, its lowest since April 11; top loser on FTSE all-share index

** Topps Tiles says trading in the second half of the year was more challenging, mainly due to a weaker macro-economic environment this year

** “The key macro indicators for our market are weaker year-on-year and we are taking a prudent view of the second-half prospects,” Chief Executive Matthew Williams said

** Like-for-like (LFL) revenue growth fell 1.9 pct year-on-year for the 26 weeks ended April, compared with a rise of 4.7 pct in 2016

** Group revenue for 26 weeks ended April fell 1.3 percent to 106.6 million pounds, while pretax profit dropped 2 percent to 10.1 million pounds

** Confidence remains around the long-term growth prospects for Topps Tiles, which includes the potential to expand operations into the UK’s commercial tile market, brokerage Liberum said in a note ($1 = 0.7705 pounds) (Reporting By Justin George Varghese; Editing by Amrutha Gayathri)

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