- Topps Tiles booked a fall in first-half profit after UK consumers held back on big-ticket renovations.

Pre-tax profit fell 15.0% to £17.0m, as revenue fell 2.9% to £211.8m, in line with company guidance.

The company cut its final dividend by 8% to 2.30p.

In the first eight weeks of the new financial period, group revenues, stated on a like-for-like basis, increased by 3.2%.

"The business responded well to the more challenging trading conditions we experienced in 2017, maintaining tight control of costs to help offset the reduction in gross margin and continuing to make good progress with its strategic initiatives," chief executive Matthew Williams said.

"Trading in the first eight weeks of the new financial year has improved, with like-for-like sales increasing by 3.2%. While we are retaining our prudent view of market conditions for the year ahead, we are encouraged by this return to like-for-like sales growth."

"We are confident that the combination of the significant further potential in our strategy of "Out-specialising the Specialists" with our accelerated plan to grow in the commercial tile market will underpin our future success."

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