Topps tiles announces second consecutive year of record revenue
The group stated that the war in Ukraine and wider cost pressures impacted its overheads including its gas bill rising substantially, but these costs had been ‘well controlled’
Topps tiles has announced a second consecutive year of record revenues, as its gross revenues increased 8% to £247.2m.
For the full-year period ended 1 October 2022, it confirmed that gross profit was up nearly 4% to £135.4m compared with £130.7m for 2021.
Adjusted profit before tax was also up 4.0% to £15.6m from £15m in 2021. However, unadjusted profit-before-tax fell 22% to £10.9m from £14m.
Like-for-like sales in Topps Tiles were up 9.4% in the year on a one-year basis, and, when compared to the last pre-pandemic period of 2019, average sales per store were up 25.3%.
Topps has stated that the good results are due to its use of digital to boost customers. The retailer is now selling on very.co.uk and has also expanded its social media presence by launching a tiktok.
The group stated that the war in Ukraine and wider cost pressures impacted its overheads including its gas bill rising substantially, but these costs had been “well controlled”.
CEO 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. We are continuing to develop and diversify the Group and
further strengthening our position as the UK’s leading tile specialist.
“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.”
Parker added: “Looking forwards, we are mindful of the macroeconomic headwinds which will impact both UK consumers and businesses in the year ahead. Against this backdrop, our trading performance in the early weeks of the new financial year has been robust, with like-for-like sales growth in Topps Tiles over the first eight weeks of 3.4%.
“Our market share growth during 2022, combined with our clear strategy and strong balance sheet, give us confidence that we will continue to deliver growth and create value over the medium term.”
