Topps Tiles posts another year of record revenues
By Michele Maatouk
Date: Tuesday 29 Nov 2022
(Sharecast News) - Tile specialist Topps Tiles reported a second year of record revenues on Tuesday as it hailed "significant" market share gains.
In the year to 1 October, adjusted pre-tax profit ticked up 4% to £15.6m as revenues rose 8.4% to £247.2m. On a statutory basis, pre-tax profit fell 22.1% to £10.9m.
The company pointed to record sales in the Topps Tiles brand and said its market share grew to 19% from 17.6% last year.
It said trading in the first eight weeks of the new financial year was "robust", with like-for-like sales in Topps Tiles up 3.4% year-on-year and other parts of the group performing in line with its expectations.
Chief executive Rob Parker said: "We are pleased to have delivered a year of strong strategic progress, with record sales for a second year running and excellent delivery against our '1 in 5 by 2025' market share goal.
"Within our Topps Tiles brand, where the majority of sales are being made to professional tradespeople, our focus on fewer more profitable stores and category extensions has driven sales per store up 25% since 2019. Parkside, our commercial brand, has delivered a record year of sales and now moved into profit. Pro Tiler Tools and Tile Warehouse have added a new, high growth, online-only sales channel to the group, leveraging our core strengths in product, service and scale."
At 0930 GMT, the shares were up 3.6% at 41.45p.
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