Topps Tiles to file update on Wednesday, UK GDP eyed


The mid-point of the week and the final day of March is looking a little thin on the company front, although investors will be eyeing a trading update from Topps Tiles as well as results from firms including Gulf Keystone Petroleum, Gattaca and James Halstead.

On the macro front, the market will be looking to the latest set of UK GDP data as well as US ADP jobs figures ahead of the all-important non-farm payrolls on Friday.

Topps files

Topps Tiles PLC (LON:TPT) is expected to put out a half-year trading update on Wednesday, following up on a January statement where the retailer said sales in the first 13 weeks of its financial year had risen 20% year on year, with growth from both professional fitters and homeowners.

Management predicted sales would be hit during the latest lockdown, though, with trading margins under pressure due to the extra costs of delivering online orders.

While tiles and associated products are building materials so can continue to be sold under the building supplies exemption, customers can only access the trade counter or buy online.

The tiles retailer said that its commercial clients were seeing a slower recovery compared to the repair, maintenance & improvement market.

“The group is much better placed compared to last spring, helped by its high trade customer mix (who browse less), online strength, ‘COVID-ready’ operations and net cash position with around £60mln of liquidity headroom,” said house broker Liberum.

The shares are down around 16% from where they were before last year’s coronavirus crisis sell-off.

Significant announcements for Wednesday March 31:

Trading announcements: Topps Tiles PLC (LON:TPT)

Finals: Gulf Keystone Petroleum Ltd (LON:GKP), Tricorn Group PLC (LON:TCN), Inspired Energy PLC (LON:INSE)

Interims: Gattaca PLC (LON:GATC), James Halstead PLC (LON:JHD)

Economic data: UK GDP, US ADP jobs, US Chicago PMI


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