Topps Tiles, the Leicestershire-based tile specialist, has witnessed record half year sales in the 26 weeks ended 1 April 2023.
According to the firm’s unaudited consolidated interim financial results, sales hit £130.3 million, up 9.3% year on year, driven by “nationwide store coverage, world class customer service, and strong omni-channel capability, with average sales per store up 30% compared to 2019.”
The company also reported strong results in Online Pure Play brands, with exceptional sales growth in Pro Tiler Tools.
Group gross profit, meanwhile, was up 2.7% to £68.7 million. Adjusted profit before tax, however, dipped to £4.4 million from £7.1 million, following “adverse exchange rate movements and the impact of inflation on operating expenses.”
Rob Parker, Chief Executive, said: “As we mark our 60th anniversary, we are pleased to be reporting record first half revenue for the Topps Group, reflecting our successful development and diversification as we strengthen our position as the UK’s leading tile specialist.
“Our Topps Tiles brand delivered a further period of robust like-for-like sales growth, with Pro Tiler Tools achieving another exceptional performance, to maintain its strong track record since acquisition in 2022.
“As expected, our first half profitability reflects the impact of inflation year on year, including significantly increased energy costs, and a number of other one offs. These effects are now reducing or will reverse in full in the second half, underpinning our confidence in a much stronger profit performance in the balance of the year.
“Our strong trading, when combined with our successful strategy, world class customer service, leading product offer and strong balance sheet, gives us increasing confidence in our outlook. We remain confident that we are on track to hit our 20% market share target ahead of schedule.”
