Topps Tiles, the Leicester-headquartered tile specialist, has recorded its third consecutive record year of revenue, with sales per store up 30% compared to pre-pandemic levels.
According to unaudited consolidated annual financial results for the 52 weeks ended 30 September 2023, group revenue hit £262.7m, increasing from £247.2m last year.
Pre-tax profits, however, slipped to £6.8m from £10.9m, which the company says reflects the impact of inflation on its cost base.
Rob Parker, Chief Executive, said: “This has been a further year of strategic progress for the Group and we are delighted to have delivered a third consecutive year of record sales and to have achieved our ‘1 in 5’ market share goal two years ahead of schedule.
“While profitability for the year reflects the impact of inflation on our cost base, particularly during the early months of the period, these pressures began to abate in the second half, with the smaller store estate and the cost reduction plan at Parkside providing further mitigation.
“As we enter our new financial year, it is clear that there has been a weakening of discretionary consumer spending. The business is well positioned to deal with this period, our established brands are market leading, we are competitively advantaged and we are confident that we will continue to take market share.
“When combined with a strong balance sheet, this will support the Group’s ambitions over the medium term. Topps Group continues to develop and diversify and we remain excited by the opportunities ahead of us.”
