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Topps Tiles profits tumble

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Topps Tiles profits were lower as the retailer has taken a hit from property costs and their commercial business.

Profit before tax was down by 18.8% to £5.2m in the 26 weeks to 30 March, and group revenue was stable at £110.3bn.

Performance for the first half was “resilient” despite retail challenges, and adjusted pre-tax profits rose by 11% to £8m.

Chief executive Matthew Williams said, “Our commercial tile business continues to grow rapidly, with first-half sales more than tripling year-on-year.

“Expansion of the commercial division was accelerated by the acquisition of Strata Tiles in April.

“Strata is highly complementary to our existing Parkside commercial business and, together, the two brands provide the group with a strong base for further expansion into this large and attractive market segment.”

Analysts at Liberum said, “The group’s strategic focus continues to cement its market-leading position, while its long-term growth prospects supported by opportunities with the UK Commercial tile sector remain very much intact.”




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