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Dividend scrapped as Topps Tiles sales drop 5.4%

Published: 25 November 2008
Tile and wood flooring specialist decides not to pay final dividend in order to reduce net debt and improve its ‘financial flexibility’.
Dividend scrapped as Topps Tiles sales drop 5.4%
Topps Tiles' like-for-like (lfl) revenue was down 5.4% for the 52-week period to September 27. Total group revenue grew 0.1% to £208.1m, however profits for the year were down to £27.7m from £37.8m in 2007.

With regards current trading, the company announced group revenue had declined 13.5% in the first seven weeks of the new financial period and lfl figures were down 18.3%.

Commenting on the results, chief executive Matt Williams said: "This is a credible performance when taking into account that the retail trading environment has become increasingly challenging during the year and our results have been affected accordingly."

He added: " We intend to capitalise on our market leading position - we have a resilient business model, and an outstanding customer service ethic, which will enable us to progress through this downturn, and believe that we will benefit significantly when consumer confidence returns."

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