Paul Scott's Small Cap Value Report

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Small Cap Value Report (24 May 2016) - TPT, ACSO, PTCM

Good morning!

Topps Tiles (LON:TPT)

Share price: 136.4p (up 3.9% today)No. shares: 193.1mMarket cap: £263.4m

Interim results, 26 wks to 2 Apr 2016 - the numbers look solid. Here are the KPIs, with my comments on the highlighted items below:

Note that total sales growth of 3.8% in H1 is actually lower than the LFL sales growth of 4.7%. This must mean that the number of stores actually declined. The narrative confirms this is due to the closure of their Topps Clearance format.

This looks to me like a company which is becoming mature. So it…

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