Topps Tiles hails record year of turnover
Topps Tiles Group has reported a record year of trading with adjusted sales rising by 6.8% to around £265 million.
In the 52 weeks to 27 September, group sales increased by approximately 17.7% to £296 million when the newly acquired CTD was included.
Topps Tiles said the performance was widespread across the group, which includes Topps Tiles, Parkside, Online Pure Play and CTD, with each part of the business reporting an improvement. Like-for-like sales in the core Topps Tiles business accelerated to 7.7% growth in the second half, up from 3% in the first, which meant sales were up 5.3% for the year as a whole.
The group ‘s costs increased in the second half of the year as a result of the increases in the National Living Wage, National Insurance Contributions and performance-related pay. As a result, adjusted profit for the year is expected to be in the range of market expectations.
Last month, Topps Tiles welcomed Alex Jensen as chief executive designate to succeed Rob Parker who will remain will in post until the end of the calendar year to ensure a smooth transition.
