Topps Tiles welcomes record turnover for third consecutive year
The group said it is moving ‘rapidly’ towards an early delivery of its '1 in 5 by 2025’, or 20% market share goal
Topps Tiles has seen revenues hit £263m in FY23, marking the third consecutive year of record turnover for the group, with sales now £40m above FY19 levels.
Sales rose by 6.4% against the prior year after a “significant outperformance” in the UK tiling market, as the group said it is moving “rapidly” towards an early delivery of its ‘1 in 5 by 2025’, or 20% market share goal.
Like-for-like sales over the year rose by 3.1%, and by 1.2% in the final quarter, while average sales per store were 30% higher than FY19 thanks to “significant” underlying sales growth and the conclusion of its store rationalisation programme.
Despite this, the group found that sales growth moderated in the final quarter, though this was expected due to a slowing RMI market after prolonged inflation, higher interest rates and a slowing housing market.
However, Topps Tiles still expects to have made strong market share gains, “driven by our specialist expertise, broad product offering and world class customer service”.
Rob Parker, CEO, said: “As we celebrate our 60th anniversary, we are delighted to have delivered a third consecutive year of record sales in Topps Group, having increased our sales by over £40m since the pre-pandemic period, reflecting the significant development and diversification of the group over that time.
“It was also a year of strong strategic progress, in which Topps Tiles continued to take significant market share, Parkside was set-up for profitable growth and Pro Tiler’s performance went from strength to strength. As a result of this progress, we anticipate delivering our goal of ‘1 in 5 by 2025’ significantly ahead of schedule.”
He added: “Despite a slowing RMI market, we are confident that our core strengths of leading brands, world class customer service, specialist expertise and a strong balance sheet will enable us to grow sales, profitability and cash generation in the years ahead, delivering value for all stakeholders.”
