Leicestershire’s Topps Tiles Plc, the tile specialist, has posted a pre-tax loss of £9.8m for the 52 weeks ended 26 September 2020.
This is in comparison to a profit of £12.5m in the year prior.
Meanwhile, according to the company’s annual financial results, revenue declined 12% to £192.8m from £219.2m.
The firm noted that it made an adjusted profit before tax of £3.6m, down from £16m last year.
Rob Parker, Chief Executive said: “In what has been a very challenging year, I am pleased with our response as a business, in the resilience we have shown and, in particular, the strong bounce-back in retail sales delivered since the initial national lockdown.
“Underpinning all of this have been our exceptional colleagues across the Group, and I would like to thank them all for their hard work and commitment throughout this testing period.
“During the year we have transformed our balance sheet and have accelerated our strategic development, building on our credentials as the UK’s leading tile specialist. We are ambitious for the business and have set ourselves a new goal of taking £1 in every £5 spent on tiles and associated products in the UK by 2025.
“It has been a year of challenge and change for Topps but we are emerging stronger and refreshed. Our new financial year has begun strongly, with retail like-for-like sales in the first eight weeks ahead by 19.6%. With our true omni-channel offer, specialist credentials and strong financial footing, Topps is well-positioned for growth as the UK economy begins to recover.”