Topps Tiles lines up profit rise as home improvement sector scores

Topps Tiles has been helped by increased spending
Topps Tiles expects pre-tax profits to have risen by one-third this year, with revenue also up as the buoyant housing market encourages home improvements.

The tiling specialist has been helped by increased spending as the general economy improved.

In a trading statement for the year ending tomorrow, the firm said revenues will be in the region of £195m, up from £177.8m a year ago.

Like-for-like revenues are forecast to show an increase of about eight per cent on last year, against a decrease of 0.5 per cent a year ago.

Meanwhile, pre-tax profit is expected to be £17m, up 30 per cent from the £13m in 2013.

Chief executive Matthew Williams told City A.M.: “There’s no doubt the UK tile market is a growing market, but we are taking significant market share by focusing on customer service, multichannel convenience and keeping the most authoritative tile range.

“I am delighted to be concluding an excellent year for Topps in which we have achieved total sales growth of around 10 per cent and delivered a 30 per cent increase in pre-tax profits.

“We are a specialist and we have to make sure customers can shop conveniently. There are up to six channels to each sale, including looking online, touching and feeling tiles instore, then phoning through the order.”

Topps said it was currently trading from 335 stores, having opened 16 and closed or relocated nine during the year.

The company also announced Stuart Davey will start as company secretary on Monday.

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