Updates

Topps Tiles - Like-for-like sales 10.5% ahead

June 2003

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.

Topps Tiles is our third New Year Nap (after Photo-Me and Ottakar's)to shine this year. The catalyst for the latest gains were results for the ten months to 29 March, with pretax profit increasing 41% to Â£12.5m, turnover up 18% to Â£89m and earnings rising 39% to 19.3p. Better buying and enhanced I.T. systems drove upoperating margin from 12% to 13.6% in spite of increased spend onadvertising, such as sponsorship of the weather on Carlton Television.Net cash lifted from Â£3.1m to Â£9m. Meanwhile, like-for-likesales were up 10.5% and accelerated to 15.1% in the first five weeksof the final six-month period. At the period end therewere 186 stores, after it opened 21 new ones (14 Topps and 7 TileCl ...

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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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Topps Tiles - Like-for-like sales 10.5% ahead

June 2003

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