Tapi losses widen as store rollout grinds to a halt

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Tapi has reported widening full-year losses, as its accelerated store rollout programme begins to slow down.

The flooring specialist said full-year losses for the financial year ending December 29, 2018, deepened by 41% to £15.3m.

The retailer, which is owned by Martin Harris – the son of Carpetright founder Lord Harris – reported an increase in turnover to £79m, and gross profit to £43.9, but also saw administrative expenses balloon to £59.3m, up from £44m the previous year.

The cost of sales also increased to £35m, up from £23.8m in 2017.

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