Topps Tiles cautions over costs as profits slump on weak home improvement market - The retailer said recent Budget measures will an extra £4 million to its wage bill from next April.

British tile retailer Topps Tiles posted an about 50% slump in annual profit on Tuesday, hurt by weak demand in home repair and maintenance sector, as broader economic woes continue to weigh on customer spending.

Topps Tiles profits fell sharply this year as sluggish demand in the home repair and maintenance sector and broader economic woes weighed on consumer spending.