Tile and wood flooring specialist decides not to pay final dividend in order to reduce net debt and improve its ‘financial flexibility’.
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."