Topps Tiles announce a full year dividend of 2.4 pence .The shares will trade ex-dividend on 19 December 2024 and, subject to approval from shareholders at the Annual General Meeting in January 2025, the dividend will be paid on 30 January 2025.
Other financial highlights include:
•Adjusted revenue down 5.4% to £248.5 million
•Adjusted gross margin up 0.3%pts to 53.3%, driven by gains in Topps Tiles
•Adjusted operating costs down £1.1 million despite £4.9 million of inflationary costs
•Adjusted profit before tax down £6.2 million to £6.3 million due to operational gearing in the business
•Statutory loss before tax of £16.2 million as a result of £19.4 million non-cash impairment, primarily of right-of-use assets, and £3.1 million expense relating to purchase of remaining Pro Tiler shares
•Adjusted net cash outflow of £14.7 million, including outflows of £18.9 million relating to the acquisition of CTD Tiles and the remaining shares in Pro Tiler Limited, and a £6.4 million working capital benefit, driven by timing of year end
•Adjusted net cash of £8.7 million at year end, with £38.7 million cash headroom to banking facilities
