Topps Tiles revenues hit ‘record’ high in H1

Topps Tiles has welcomed a period of “record” revenues for the group in the first half of the year, with revenues of £130.5m, £11.3m or 9.5% higher than the prior year.

Around £9m of its revenue growth in the period was attributed to the acquisition of Pro Tiler Tools and launch of Tile Warehouse.

Following a strong first quarter, the group went on to deliver good sales growth in Q2, with like-for-like sales up by 3.5%. Overall, like-for-like sales in the first half were up 4.3%.

In addition, sales per store in the first half were 30% higher than the pre-pandemic period of FY19, including the benefit of transferring sales from closed stores as it rationalised its store estate.

In its latest update, the group said it was now the “clear market leader” in the UK, and thanked its omni-channel model that incorporates specialist product expertise and “world-class” customer service, as well as its high-growth Online Pure Play businesses, Pro Tiler and Tile Warehouse, that are “specifically focused on the digital space”. 

The group added its strong revenue performance in the first half “reflects the strength of our brands, the execution of our strategy and encouraging domestic market conditions”, and it is now confident it will deliver its market share goal of ‘1 in 5 by 2025’ ahead of schedule. 

Looking ahead, the group also expects profitability in the current financial year to be weighted towards the second half.

Rob Parker, CEO, said: “Our performance across the first half has been good, with a record period for group revenues, supported by like-for-like sales growth in Topps Tiles of 4.3% and an excellent post-acquisition performance from Pro Tiler Tools. 

“The economic outlook remains uncertain but early signs of easing supply chain pressures, allied to the group’s strong balance sheet, world class customer service, specialist expertise and growth strategy give us confidence in our ability to drive value for all stakeholders over the medium term.”