Friday, May 29, 2020

Topps Tiles remains positive as half year results show losses

Leicestershire-based Topps Tiles has slipped to a loss before tax of £4m, according to interim results for the 26 weeks ended 28 March 2020.

Group revenue meanwhile decreased to £106.2m, down from £110.3m in the same period of the previous year.

The COVID-19 pandemic saw Topps Tiles close retail stores from 23 March. Trials of new safe operating procedures commenced on 22 April and 250 stores are offering a click and collect service. Of those, 130 are also allowing controlled customer entry, with strict social distancing and other protective measures in place.

The company noted that commercial business has seen a material impact from COVID-19 but has continued to trade and build new customer relationships over this period.

Rob Parker, Chief Executive said: “COVID-19 has created a complex and extremely challenging trading environment and I am pleased by the way the Group has responded to this crisis so far.

“We are prioritising the safety of our colleagues and customers, protecting the business and working hard to ensure we emerge from this period in the strongest possible position.

“The strong growth of our online business, the development of a collection-only store model, and the encouraging initial customer response to our phased programme of store re-openings, all demonstrate our resilience in the face of the COVID-19 threat.

“The response of our colleagues throughout these most testing times has been fantastic and I would like to thank them all for their unwavering support. The health and safety of employees, customers and business partners will remain our top priority as we continue to progress our plans for a safe return to work.

“Having taken steps to strengthen our financial liquidity over recent weeks we believe our resources are sufficient to address the current challenge. Looking further ahead, as the UK’s leading tile specialist, Topps remains well-positioned as the economy begins to recover.”

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