UK's Topps Tiles flags lingering weak demand after HY earnings slump
Adds sector context in paragraphs 2 and 3, CEO comment in paragraph 4
May 21 (Reuters) -British tile retailer Topps Tiles TPT.L on Tuesday warned of persistent tough trading conditions after it posted an about 30% decline in first-half profit due to subdued demand in the domestic repair and maintenance sector.
Fortunes of companies such as Topps Tiles are firmly tied to the health of the housing repair, maintenance and improvement (RMI) segment, which has been under some pressure as Britons continue to curb spending in the wake of broader economic woes.
The delay in the central bank's monetary policy easing has tempered hopes of a better-paced recovery in the British housing market.
"Lead indicators of market activity such as mortgage approvals, consumer confidence and smaller ticket DIY spend are improving... we are yet to see this feed through into our customer's spending patterns," said CEO Rob Parker said in a statement.
The London-listed company last month had flagged weak demand, especially for big-ticket projects, however said that its online pure play businesses are "growing strongly".
Topps Tiles, which has over 300 stores across the UK, said adjusted pre-tax profit for the 26 weeks ended March 30 was 3.1 million pounds ($3.9 million), compared with 4.4 million pounds a year earlier.
Travis Perkins TPK.L, Britain's largest supplier of building materials, and flooring firm Headlam HEAD.L had flagged subdued demand in the RMI sector.
($1 = 0.7864 pounds)
Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Varun H K and Nivedita Bhattacharjee
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