Tuesday, August 16, 2022

Record first half revenues for Topps Tiles

Topps Tiles, the Leicester-based tile specialist, has reported record first half turnover.

According to unaudited consolidated interim financial results for the 26 weeks ended 2 April 2022, turnover reached £119 million, compared to £103 million in H1 2021.

Meanwhile the company recorded a pre-tax profit of £5.6 million, up from £4 million.

Topps noted that like-for-like sales are up 22.7% on a two-year basis in the first half, and up 19.7% on a one-year basis.

Rob Parker, Chief Executive, said: “The group has delivered record first half revenues against a backdrop of continued robust demand for home improvements. While supply chain and inflation headwinds strengthened in the period, we are managing these challenges effectively overall and believe we remain well positioned relative to many of our competitors.

“We have continued to develop the Topps Tiles brand, enhancing our store portfolio and introducing a number of new developments to our award-winning website to further strengthen our omni-channel capability.

“We are pleased to announce the launch of Tile Warehouse, a new online-only brand which brings everyday low prices to homeowners. This builds on the acquisition of Pro Tiler Ltd in March and forms the basis for a new, high growth, online-only sales channel, leveraging our core strengths in product, service and scale.

“Looking ahead, we are mindful of the growing burden on consumers from inflation and rising interest rates as well as ongoing supply chain challenges, however, we remain confident in our strategy and medium term growth prospects.”

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