Topps Tiles pledged to continue its store opening plan despite tougher trading conditions. Financial Times

In the half-year to 31 March, Topps opened 15 stores in the UK and four at its smaller Dutch business, reaching 286 in the UK and 19 in the Netherlands. Its medium-term target is 400 stores in the UK, although the management believes it could reach 500.

Pretax profit fell to £18.7m after the company raised debt to fund a buyback programme, causing higher interest payments.

Chief executive Nick Ounstead said he was a 'little bit cautious' on future prospects because of 'what’s happening to other retailers'.