Topps Tiles hails ‘encouraging’ full year results
Topps Tiles’ incoming chief executive has praised the brand’s “encouraging” full year results as it made a return to profit.
In the 52 weeks to 27 September, the group posted a pre-tax profit of £8.3 million compared to a loss of£16.2 million in the previous financial year.
Adjusted pre-tax profit climbed by 46% to £9.2 million while adjusted revenue increased by 6.8% to £265.4 million, with each part of the business delivering growth.
Rob Parker, Topps Tiles’ current chief executive, said: “In what will be my final year with the business I am pleased to deliver a strong set of financial results and strategic progress.
“Our strategy and growth plans are working well and we are making excellent progress towards our Mission 365 goal.
“I wish my successor, Alex Jensen, the very best as she takes the group on to the next stage of our exciting growth plans.”
Subscribe to TRBJensen added: “This is a very encouraging set of results, and the team worked hard to ensure each business delivered strongly against the prior year.
“I am grateful to Rob for the foundations he’s laid down and I look forward to working with the team to build on this progress, accelerate our digital momentum, and harness the team’s expertise to maximise value for all stakeholders.”
Giving an update on more recent trading, the group said sales in the first nine weeks of its new financial year rose by 3.3% with Topps Tiles like-for-like sales edging up 2%. It explained that sales growth moderated in the period due to weakened consumer confidence.
Topps Tiles has also announced that it acquired the Fired Earth brand for £3 million last month as it looked to add a complementary premium brand to the group.
Topps Tiles has recently announced the appointment of Caroline Browne as its new chief financial officer.
