Topps Tiles ' (TPT) shares suffered a blow following a pre-close trading update from the company, which reported annual like-for-like sales growth of 4.2 per cent - falling short of analyst expectations and last year's growth rate of 5.4 per cent. Most of that lies in a weak fourth quarter, in which the group's decision to pull out of the lower-margin wooden flooring market cut underlying sales by 1.5 per cent.
IC TIP:
Buy
at
103p
Profits are still expected to be in line with market expectations, though, and revenue is expected to recover next year as sales from a new range of larger-format tiles gather pace.
