TOPPS Tiles issued a warning yesterday that first-half profit will fall "materially" below market expectations due to Brits dodging home improvement and a 2019 full of Brexit uncertainty.

Shares plunged 24.9 per cent by market close, after investors had expected a profit in the range of £13.5m to £14.5m. The home improvement retailer said like-for-like sales in the eight weeks to 22 February have dropped 5.5 per cent.

That comes after a 5.4 per cent drop in comparable sales in the first quarter of its current financial year, which ended on 28 December.

(c) 2020 City A.M., source Newspaper