StockMarketWire.com - Topps Tiles said first-half revenue had risen 2.6% after a recovery in sales in the first quarter was offset by harsh winter weather hurting sales in the second quarter.

The company also warned that underlying market conditions had softened.

Revenue for the 26 weeks through March rose to £109.4m, up from £106.6m a year earlier.

Like-for-like revenues increased by 0.6%, after a 3.4% first quarter rise was offset by a 2.2% fall in the second quarter.

'While we estimate that short-term weather factors in late February and March, and the timing of an earlier Easter, account for around 1.6% of the second quarter like-for-like sales reduction, it is also clear that that there has been a softening of the underlying market,' the company said.

'We believe that we have continued to outperform the market, which we attribute to the execution of our strategy and continued strong promotional positioning.'

Chief executive Matthew Williams said: 'After a strong start to the year, market conditions have become more challenging over the second quarter.'

'While the business has responded well with a performance ahead of the overall tile market, we are retaining a cautious view of market conditions for the remainder of the year.'




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