Topps Tiles delivers record revenue
Topps Tiles Group has delivered its third consecutive record year of revenue with growth of 6.3% to £262.7 million.
In the six months to 30 September, the group’s sales per store in its main Topps Tiles business rose by 30% on pre-pandemic levels. The group also made good progress in its Pro Tiler online businesses where sales were up 50% year-on-year.
However, adjusted pre-tax profit was down 19.9% to £12.5 million due to the ongoing impact of cost inflation.
Rob Parker, Topps Tiles Group chief executive, said: “This has been a further year of strategic progress for the group and we are delighted to have delivered a third consecutive year of record sales and to have achieved our ‘1 in 5’ market share goal two years ahead of schedule.
“While profitability for the year reflects the impact of inflation on our cost base, particularly during the early months of the period, these pressures began to abate in the second half.”
The group said trading in the early weeks of its new financial year has been impacted by a weaker housing market. Group sales were down 3% year-on-year in first eight weeks of the period with like-for-like sales in Topps Tiles down 6.1%, although there was continued strong growth at Pro Tiler Tools.
Parker said: “As we enter our new financial year, it is clear that there has been a weakening of discretionary consumer spending. The business is well positioned to deal with this period, our established brands are market leading, we are competitively advantaged and we are confident that we will continue to take market share.”
