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Topps Tiles - Underlying sales ahead 15%

November 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.

ecialist tile retailer, Topps Tiles, continues to pleasantly surprise. The group has announced that its pretax profit for the sixteen months to 27 September will be around Â£23m, 10% ahead of marketexpectations. Pretax profit on an annualised basis is expected to be Â£18m â€“ implying an incredible 101% growth in the last two and a half years. The broker notes that Topps Tiles wasn't remotely affectedby the summer heatwave, with its like-for-like sales actually accelerating to between 15-16% for the 23 weeks ended 6 September. Topps' new store program is chugging along nicely with 196 shops (160 Topps Tiles, 36 Tile Clearing Houses) now open. Meanwhile, the group's net cash is forecast to jump from Â£9m to Â£12. ...

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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 - Underlying sales ahead 15%

November 2003

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