Topps Tiles take a hit over election uncertainty

Topps Tiles has said they have taken a hit a in the month since the general election was called, said chief executive Matthew Williams.

Williams said in the first eight weeks of their financial year that started in October, sales had dropped by 7.2%.

In the last financial year, the tile retailer’s revenue rose by 1.1% to £219.2m and pre-tax profits fell by 1.6% to £12.5m.

Williams said, “At the start of the new financial year, trading conditions have become more challenging, with consumer demand weakening further since the general election was called in late October.

“Whilst we expect external events will continue to weigh on consumer confidence for the immediate future, we remain confident that our market-leading retail offer and growing commercial operations give us a strong platform.”