Tapi Carpets set to register first-ever profit

The flooring specialist saw a 30% sales uplift year on year, which it attributed to its digital initiatives in a strong homewares market during the coronavirus pandemic.

Tapi expects revenues to exceed £100m for the full year, up from £97m in 2019, and to report its maiden EBITDA profit of £1m.

This is a major improvement for the business, which recorded losses of £10.2m in 2019.

Throughout 2020, Tapi has created 100 new roles across the business, including the launch of two new standalone stores and 10 concessions in Homebase stores.

Tapi said it expects to grow its store estate further in 2021.

The retailer has made great strides in digital during the pandemic, introducing an augmented reality feature, so customers can view flooring in their own home, as well as video appointments.

Chief executive James Sturrock said: “Our strategic focus on digitalising the business and providing a seamless customer experience, both online and across our growing nationwide store estate, has powered our growth in 2020 and an expected maiden EBITDA profit.

“I could not be prouder of all of our colleagues for their commitment to the business and to our customers throughout the most challenging year that many of us have ever faced in business.

“We are cautious about the first half of 2021 in light of the ever-changing face of the Covid-19 pandemic but confident in the outlook for the full year.

“Our investments in digital innovation, our strong balance sheet and supportive investors, along with a bolstering of the senior team and board of directors, give the board confidence that further profitable progress will continue to be made on the way to our goal of becoming the UK market leader.”