The Topps Tiiles Board is declaring an interim dividend of 1.0 pence per share (H1 2021: nil). The shares will trade ex-dividend on 9 June 2022 and the dividend will be paid on 15 July 2022.
Other financial highlights include:
•Topps Tiles like-for-like sales up 22.7% on a two-year basis in the first half, and up 19.7% on a one-year basis
•Group gross margins of 56.1% (H1 2021: 57.6%), reflecting increases in cost of goods being passed through to customers on a pound for pound basis, together with mix changes
•Costs well controlled, with increases due to inflation and normalisation of business rates expense
•Adjusted profit up 37% year on year to £7.0 million
•Increased stock holding to support sales in challenging supply chain environment
•Cash lower due to acquisition of Pro Tiler, investment in working capital and repayment of deferred VAT, however expected to improve by year end
