Topps Tiles plc declared interim dividend for the 26 weeks period ended April 1, 2017 of 1.1 pence per share against 1.0 pence per share for the same period a year ago. The shares will trade ex-dividend on June 15, 2017 and the dividend will be paid on July 14, 2017 to shareholders on the register at June 16, 2017.

The company reported unaudited consolidated earnings results for the 26 weeks ended April 1, 2017. For the period, the company reported group revenue - continuing operations of GBP 106,612,000 compared to GBP 108,041,000 a year ago. Group operating profit was GBP 9,970,000 compared to GBP 10,417,000 a year ago. Profit before taxation was GBP 9,511,000 compared to GBP 10,053,000 a year ago. Profit for the period attributable to equity holders of the parent company was GBP 7,430,000 or 3.80 pence per diluted share compared to GBP 8,009,000 or 4.15 pence per diluted share a year ago. Net cash from operating activities was GBP 7,118,000 compared to GBP 11,045,000 a year ago. Purchase of property, plant and equipment was GBP 4,121,000 compared to GBP 4,730,000 a year ago. Adjusted operating profit was GBP 10.6 million compared to GBP 10.9 million a year ago. Adjusted profit before tax was GBP 10.1 million compared to GBP 10.3 million a year ago. Adjusted earnings per share were 4.11 pence compared to 4.24 pence a year ago. Net debt as at April 1, 2017 was GBP 26.6 million compared to GBP 28.4 million a year ago. Capital expenditure (excluding freehold acquisitions) in the period amounted to GBP 4.1 million against GBP 4.5 million a year ago. Cash generated by operations (excluding movements in working capital) was GBP 13.7 million against GBP 13.8 million a year ago. Net cash from operating activities over the period was GBP 7.1 million, compared to GBP 11.0 million in the prior year period, a decrease of GBP 3.9 million.  The cash generated from operations, excluding movements in working capital, was stable when compared to the prior period at GBP 13.7 million (2016: GBP 13.8 million).  The reduction in cash flow was primarily driven by a GBP 2.9 million payment to HRMC for the closure of legacy enquiries and a small increase in inventory over the period.

For the full year 2017, the company expects effective tax rate to be similar to the interim tax rate (2016: full year 22.3%). The prior year tax rate was based on estimates which proved to be too low and were revised upwards, hence the increase to the full year rate in the prior year.