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Topps optimistic over second half

The tile and floorings specialist is fighting a difficult market, but things could get easier as the year progresses
Topps optimistic over second half

Despite a pronounced fall in first-half profits, the board at Topps Tiles (TPT) is standing by its full-year guidance. Somewhat predictably, the retailer cited an early Easter and "adverse weather" conditions (when better to redecorate your bathroom?), but the decline in reported profitability had more to do with a disproportionate increase in distribution and admin costs, together with a 90-basis point reduction in the "industry leading" gross margin.  

IC TIP: Hold at 72p

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