Housing boom cements double digit revenue rise at Topps Tiles

 
Marion Dakers
TOPPS Tiles yesterday posted a double-digit rise in sales, helped by a buoyant housing market pushing more homeowners into upgrading their floors.

The firm said revenues rose 11.8 per cent to £97.7m in the half-year to 29 March, claiming this growth was “ahead of the tile market”.

Pre-tax profits rose 70 per cent to £8m, or an increase of 37 per cent to £8.9m excluding losses on disposals.

Sales in the past seven weeks are up 5.6 per cent, the firm added, and its new boutique stores are showing “encouraging initial results”.

“We have made a good start to the second half with a healthy level of sales growth in the initial seven weeks of the period,” said chief executive Matthew Williams yesterday.

“We believe we continue to grow sales ahead of the market and remain confident that our strategy will continue to deliver profitable market share gains, against a backdrop of a steady improvement in UK economic indicators.”

Analysts at Cantor Fitzgerald upgraded Topps from hold to buy yesterday, noting that the firm is “well placed to take advantage of a strong housing market”.

Shares in the firm, which have doubled in the past year, closed flat at 120p yesterday.