Topps Tiles paves way to recovery after 2018 profit fall

Topps Tiles has announced it has seen its revenues remain flat for the six months leading up to 30 March 2019, as it looks to recover from a profit fall in 2018.

When announcing its first half results in November 2018, the tile retailer said it was stockpiling supplies ahead of Brexit. In its most recent trading update which will proceed its full year results, released in May, Topps Tiles said its total revenues in the half year to 30 March had suffered a slight fall to £108.8m, 0.6% lower than a year earlier.

Shares in Topps Tiles rose by 3.9% on the London Stock Exchange yesterday in anticipation of the trading update.

Matthew Williams, chief executive officer, said: “I am encouraged by our overall performance in the first half and believe the successful execution of this strategy is enabling us to outperform the overall tile market. Our commercial business is growing at pace and we remain open to opportunities to accelerate its expansion. Developing and reinforcing our specialism in tiles is at the heart of our growth strategy.”

During the first half of the year the tiling retailer closed 13 stores and opened six, including an architecture and design hub in London’s Clerkenwell area.