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Topps Tiles sees half-year profits slide

By Ravender Sembhy

Profits at Topps Tiles slumped in the first half of the year as the tiling retailer flagged up a slowing housing market and challenging market conditions.

The group, which has stores in Belfast and Newtownabbey, said pre-tax profits in the six months to April 1 fell 5.9% to £9.5m.

Meanwhile, revenues dipped 1.3% to £106.6m, and like-for-like sales declined 1.9%.

Topps said trading in the period reflected "a more challenging market".

The firm pointed to tough comparatives last year, when housing transactions were on the up ahead of stamp duty changes which came into effect in April 2016.

It added that trading in the second half to date has been "more challenging as a result of a weaker macro environment".

Chief executive Matthew Williams said: "Our results for the first half reflect the more challenging macro-economic environment we have traded through so far in 2017."

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