Topps and Tiles announce interim dividend of 1.2 pence has been declared by the Board (H1 2023: 1.2 pence). The shares will trade ex-dividend on 7 June 2024 and the dividend will be paid on 12 July 2024.
Other financial highlights include:
•Group sales 5.8% lower year-on-year driven by lower footfall in Topps Tiles
•Gross margin up 1.1 percentages points year-on-year, due to recovery in Topps Tiles gross margin
•Adjusted operating costs £1.1 million lower year-on-year, driven by lower variable pay and savings
•Adjusted profit before tax down £1.3 million due to sales decline
•Statutory loss of £1.5 million stated after £3.1 million share purchase provision increase related to the Pro Tiler Limited earn out, reflecting the very strong performance of the business since acquisition in March 2022
•Cash broadly flat year-on-year at £19.3 million and strong balance sheet maintained with £49.3 million of headroom to banking facilities (H1 2023: headroom of £49.9 million)
