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Topps Tiles business picking up

An improved fourth-quarter sales performance has prompted construction industry retailer Topps Tiles to announce that its full-year underlying profits will meet its original forecast.

Topps, which has around 300 stores, said those which have been in business for more than a year saw 4 per cent extra sales in its last quarter - a 1.7 per cent annualised increase to 2 October.

Like-for-like sales fell 1.2 per cent during the third quarter to 2 July but total Topps revenue for the year increased 2 per cent to £182 million.

The firm is expecting anything between £14.5 million and £17.1 million in pre-tax profits.

Shares in the company have lost 41 per cent value during the past 12 months, going against a general 2 per cent rise in retail sales.