Topps Tiles has achieved record annual revenues for a second consecutive year and expects profits to be towards the upper end of market expectations.

Topps Tiles

Topps Tiles’ performance was boosted by its pureplay online businesses Pro Tiler Tools and Tile Warehouse

Topps Tiles’ performance was boosted by its pureplay online businesses Pro Tiler Tools and Tile Warehouse.

Group sales for the year totalled £247.3m, up 10.6%. In the final quarter to October 1, the increase was 4.3% year on year with “positive progress” from all three of the retailer’s divisions.

The eponymous Topps Tiles multichannel business was down 1.2% like-for-like in the fourth quarter, but ahead 9.4% for the year. The pureplay division was up 46.1% and 34.3% respectively, and business to business arm Parkside delivered growth of 39.9% and 28.6%.

Topps chief executive Rob Parker said: “We are delighted to have delivered a second successive year of record sales for the group, with profits expected to be towards the upper end of market expectations.  All parts of the group contributed to this performance and are making good strategic progress as we develop and diversify the business.

“Our market leading omnichannel retail business, Topps Tiles, has performed well against strong prior year comparatives and we are continuing to grow our base of loyal trade customers. Our expansion into the commercial market through our Parkside brand is now generating in excess of £10m of sales, and we expect it to be profitable moving forwards. This year we have further expanded our activities into online pure play through the acquisition of Pro Tiler Tools and the creation of Tile Warehouse – both of which present further opportunities for profitable growth. 

“The group has worked hard to achieve a strong balance sheet with positive net cash and this will serve us well as we move into a period of macroeconomic volatility, leading to a more uncertain environment for consumers. In this context, our 20% market share goal of and our growth strategy to deliver this will remain our primary focus, and we are confident that we will deliver against them both.”

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