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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Topps Tiles - Panmure Gordon’s price target is 345p

July 2007

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • TPT
  • Price:
  • 245p
In a tough environment, specialist tile retailer Topps Tiles continues to impress. Interim results to 31 March showed turnover up 14.9% to nearly £102m, which drove a 9% rise in operating profit to £21.3m. However, after gearing itself up in order to return a large dollup of cash to shareholders, its pretax profit declined from £20.3m to £18.7m because of interest charges of £3.3m. The gearing up of its balance sheet, which turned a £25m net cash position to net debt of £106m, was used to make substantial share buy-backs and this helped eps increase 16.5% to 7.5p, in spite of a rise in the tax rate. However, Topps remains strongly cash generative and operating profit covered interest by a very co ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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