Wednesday, August 4, 2021

Half year profits dip at Topps Tiles

Profits at Leicester-based tile giant Topps Tiles have dipped by almost 2% for the half year to 1st April.

The firm has revealed that adjusted profit before tax has dropped from £10.3m last year to £10.1m this year. Revenue also fell 1.3% to £106.6m.

Saying that full-year pre-tax profits looked to be at the lower end of market expectations, Topps said the sluggish performance was due to a weaker macro environment this year and a continuation of the particularly strong comparatives from the prior year when sales were boosted by changes to Stamp Duty.

Matthew Williams, chief executive, said: “Our results for the first half reflect the more challenging macro-economic environment we have traded through so far in 2017 and the strong performance we delivered in the corresponding period in 2016 when housing transactions were boosted ahead of the changes to Stamp Duty. While these tougher comparatives begin to ease from the end of June, the key macro indicators for our market are weaker year-on-year and we are taking a prudent view of the second half prospects.

“Against this background, we remain confident in the longer term outlook for the business, as evidenced by the 10% increase in the interim dividend. We will continue to focus on executing our proven strategy of ‘Out-Specialising The Specialists’ and to invest in important sources of future growth. In particular, our recently completed analysis of the UK commercial tile market has confirmed it as attractive and we are now evaluating a number of small acquisition opportunities to increase our reach into this part of the market”.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.







Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close