Topps Tiles has reported “good growth in profits” for the year and believes it is on course to grab a third of the market.
The tiling specialist says its sales are expected to hit £212m for the 53 week ending October 3, up from £195.2m over 52 weeks since it last financial year.
In the pre-close update, Topps Tiles revealed like-for-like revenues will increase around 5.3%, year on year. On a two-year basis like-for-likes sales rose by around 14%.
Topps Tiles chief executive officer Matthew Williams said: “I am pleased to report that Topps will complete a successful year, with good growth in profits and a record level of turnover, both of which are directly attributable to our strategy of out-specialising the specialist.
“As a result of this, we are confident of hitting our one third market share goal by the end of this year and are well advanced on developing our next strategic goal for the organisation.”
Topps Tiles also revealed it is hoping to streamline its operations in the future by the centralisation of its support functions to one site at Leicester and the closure of its nine clearance stores.
It will involve closing the Cheadle office, which houses most of Topps Tiles’ financial functions, and relocating staff to the Leicester office. Williams said there would be a “small number” of redundancies as a result. There are 33 people in the Cheadle office and 173 in Grove Park, Leicester.
The closure of the stores will mean all stores will trade under a unified Topps Tiles store fascia. Williams said the decision was made because Topps Tiles is able to sell clearance product across the rest of its store estate.
He added: “We are taking the decision to further streamline and simplify the business.”
Topps Tiles opened three core stores and two boutiques in the fourth quarter and now operated from 348 shops, up from 335 in the previous year.