Topps Tiles, the Leicestershire-headquartered tile specialist, has seen a dip in sales in its first half.
According to a trading update for the 26-week period ended 30 March 2024, total group sales were £122.6 million, down 5.9% year-on-year, against a record revenue performance in 2023.
With subdued demand in the domestic Repair, Maintenance and Improvement (RMI) sector, especially for bigger ticket projects, persisting into 2024, there was lower footfall into Topps Tiles stores, especially across the homeowner customer group. Trade customers proved more resilient, although trade sales were also lower year-on-year.
Meanwhile, trading in the Online Pure Play businesses remained strong, with good growth in Pro Tiler and positive sales progress in Tile Warehouse, resulting in year-on-year sales growth of 38.3% over the first half. Furthermore, Parkside continues to show a significant year-on-year improvement in its financial performance.
In a statement to the London Stock Exchange, Topps Tiles said: “With its market leading brands, specialist expertise and world-class service, the Group is well positioned to benefit from a cyclical recovery in the RMI market. The business remains in a strong financial position, with a robust balance sheet, and is focused on maximising market opportunities and emerging in a stronger competitive position as the market improves.”
