Topps launches 10% placing

24th Nov 2009 07:07

Tile and flooring specialist Topps Tiles is to shore up its balance sheet with a placing of up to 17.1m new of shares, approximately 10% of its issued ordinary share capital.The Placing is being conducted today through an accelerated book build process to be handled by KBC Peel Hunt. The placing could raise up to £15m.Topps said the placing was a precautionary step in the event of a further downturn in consumer confidence and spending, but will also give us additional resources to support the company's growth strategy as opportunities arise in the market. Topps does not envisage any changes to the its current banking facilities ahead of the next refinancing, scheduled for the first half of 2011, the statement added.For the full year to end September, Topps revenue declined 10.6% to £186.1m from £208.1m.Like-for-like revenue declined 13.5%, compared with a 5.4% fall in the previous year. Profit before tax fell to £4.9m from £27.7m. Net debt reduced by £20.8 million to £71.2m For the first 7 weeks of the new financial period total group revenue increased by 0.5% on a like-for-like basis, total Group revenues declined by 2.0%.