Topps Tiles has reported its second consecutive record year of revenue for the group.
The average sales per store was up 25.3% compared to 2019 with adjusted profit before tax of GBP15.6m, compared to profits of GBP15m in 2021.
The Leicestershire-based tile retailer said it had experienced a strong recovery from Covid – trading ahead of 2019 levels –with all businesses contributing to sales growth in a developed and diversified group.
Revenue was up to GBP274.2m an increase of 8.4% year-on-year. The company recorded profits of GBP135.4m, up 3.6% from 2021. The company said in a statement this morning: “Robust trading in the first eight weeks of the new financial year, with like-for-like sales in Topps Tiles up 3.4% year on year and other parts of the group performing in line with our expectations.”
The company opened trading at 41p this morning and had risen to 44.6p on release of the results before dropping back to 41.2p by mid-morning trading. The company, a constituent of the FTSE250 index, has offered a -36.7% year-to-date return and a -34.7% one-year return with its shares ranging between 37p and 69.8p over a 52-week period. The company has a market capitalisation of GBP78.4m.
