Topps Tiles reports second year of record revenues
Topps Tiles has reported its second consecutive record year of revenue for the group.
The average sales per store was up 25.3% compared to 2019 with adjusted profit before tax of GBP15.6m, compared to profits of GBP15m in 2021.
The Leicestershire-based tile retailer said it had experienced a strong recovery from Covid – trading ahead of 2019 levels –with all businesses contributing to sales growth in a developed and diversified group.
Revenue was up to GBP274.2m an increase of 8.4% year-on-year. The company recorded profits of GBP135.4m, up 3.6% from 2021. The company said in a statement this morning: “Robust trading in the first eight weeks of the new financial year, with like-for-like sales in Topps Tiles up 3.4% year on year and other parts of the group performing in line with our expectations.”
Rob Parker the company’s chief executive said: “We are pleased to have delivered a year of strong strategic progress, with record sales for a second year running and excellent delivery against our ‘1 in 5 by 2025’ market share goal. We are continuing to develop and diversify the group and further strengthening our position as the UK’s leading tile specialist.”
Parker continued: “”Looking forwards, we are mindful of the macroeconomic headwinds which will impact both UK consumers and businesses in the year ahead. Against this backdrop, our trading performance in the early weeks of the new financial year has been robust, with like-for-like sales growth in Topps Tiles over the first eight weeks of 3.4%.”
The company opened trading at 41p this morning and had risen to 44.6p on release of the results before dropping back to 41.2p by mid-morning trading. The company, a constituent of the FTSE250 index, has offered a -36.7% year-to-date return and a -34.7% one-year return with its shares ranging between 37p and 69.8p over a 52-week period. The company has a market capitalisation of GBP78.4m.
