Topps Tiles profits surge following success of lockdown launches
Topps Tiles has declared a record year of revenue despite lockdown restrictions earlier this year.
In results for the 53 weeks ended October 2, the retailer posted retail like-for-like sales up 19.6 per cent and profit before tax of £14 million, up from a loss of £9.8 million for the same period last year.
The retailer also delivered what it called a “record year of revenue” up 18 per cent to £228 million, with adjusted retail like-for-like sales up 20 per cent.
“We believe this performance underlines the strength of our strategy and the success of new initiatives including the expansion of our value ranges and the introduction of innovative new products,” said chief executive Rob Parker.
Topps Tiles finished the period with adjusted net cash of £28 million and underlying net cash generation of £12.5 million.
However, the retailer did warn of the “continued trading headwinds from reduced consumer confidence, global supply chain challenges and cost inflation”, but said its growth strategy, flexible supply chain and strong balance sheet “provide confidence and platform for growth”.
Parker said: “Our full-year results demonstrate the strength of our position as the UK’s leading tile specialist and the potential of the business when it has been able to trade without restriction.
“Despite significant disruption for a three-month period, during which our stores were unable to welcome homeowners, we delivered record revenues for the year and made good progress towards our ‘1 in 5 by 2025’ market share goal.”
