Topps Tiles builds on last year's gains

The home improvement trend is still strong, despite a downturn in the housing market, if Topps Tiles's past 14 weeks of trading is any indication. The flooring retailer reported to shareholders at its annual general meeting today that like-for-like sales for the 14 weeks of its current financial year, from October 3, have increased by more than 15 per cent. Overall turnover grew by 24 per cent for the period.

However, the retailer was cautious about making extravagant forecasts for the coming year, saying that maintaining such high levels of sales growth could prove challenging. The retailer also used the meeting to announce the change in role for board director and co-chairman Stuart Williams, with effect from March 31. He will assume the newly created role of president, which the retailer said would give him more time to devote to charity work and other personal business interests. Barry Bester will continue as executive chairman.