Topps Tiles slips up after admitting sales bungle
TOPPS Tiles slipped after the flooring retailer admitted an error in last week’s full-year results.
The firm had climbed after announcing like-for-like sales had leapt 0.8pc in the first eight weeks of its new financial year.
Chief executive Matthew Williams told shareholders the company was well placed for further progress in the coming year.
But yesterday the business revealed that an error had been made in the calculations – like-forlike sales over the period had actually fallen 0.3pc. However, Topps said that its expectations for the year remain unchanged.
It came as one of the firm’s largest shareholders cut its stake in the business. BlackRock has offloaded around 3.3m shares in the company over the past week, reducing its holding to 9pc. Topps shares tumbled 2.8pc, or 2.5p, to 85.25p. Biotech company Oxford Bio
Medica soared on clinical trial results. Oxford has worked with its partner Novartis on a leukaemia treatment for paediatric and young adult patients.
Healthcare giant Novartis reported that the treatment had been effective in 41 out of 50 patients tested. Novartis said 82pc of patients were in remission after testing and confirmed it would file the drug with the US Food and Drug Administration for approval early next year.
On the same day, Oxford’s largest shareholder, Vulpes Investment Management, added another 4m shares to its stake. The Singaporebased hedge fund upped its stake by 0.13pc to 18.8pc. Oxford shares surged 10.8pc, or 0.38p, to 3.85p.
Miners dragged the FTSE 100 forward on the day. The stock market closed up 0.24pc, or 16.1 points, at 6746.83 as the oil price gained another 1pc, reaching $55 a barrel.
Antofagasta was the highest climber of the day, up 4.9pc, or 34p, to 727.5p, while Glencore climbed 4.4pc, or 12.35p, to 290.25p as stockbroker Citigroup upped its rating on the stock to ‘buy’. Plastic product maker Plastics
Capital climbed as it reported that revenue was up 13.4pc in the first half of the year.
The AIM-listed business, which exports products to around 80 countries, said revenue was £27.7m in the six months to September 30 while pre- tax profit was 7.3pc higher than a year ago at £1.6m.
Plastics said it expects a significant improvement in performance in the second half of the year, with the benefits of a weaker pound yet to come through.
The firm said it had made significant investment in developing the business, including new products and management, and expects to perform in line with expectations over the full year. Shares advanced 4.3pc, or 5p, to 122p. Live events company Aeorema
Communications dropped as it warned that ‘the next six months could be rocky’.
The AIM-listed firm said customers were being more reserved when planning their budgets for events because of uncertainty about the economy. Aeorema said while the first six months of the year had been in line with expectations, uncertainty was now starting to affect customer spending plans and some contracts had already been postponed or cancelled.
The group said trading in the second half of the year will be below expectations as a result. Shares slipped 12pc, or 3.5p, to 25.5p.
Cyber security business ECSC revealed plans to list on AIM.
The firm wants to raise £5m through the flotation, which is pegged for December 14.
Just shy of 3m shares will be placed at an initial price of 167p each, which will give the company a valuation of around £15m.
Bradford-based ECSC was set up in 2000 and lists Barclays and GCHQ among its customers.
Last year the firm reported revenue of £2.7m with gross profit of £2.2m. It said that some of the areas it wants to use the cash it raises from the listing include increasing staff numbers from 50 to around 200 and opening an operations centre in Australia so it can offer a 24/7 global service.