Brits rushing to renovate their homes after spending months locked down lifted tile maker Topps Tiles’ profits this year.
Higher than expected profits were generated by the company registering £227.5m in income, its best ever take.
Rob Parker, chief executive, said: “We remain confident on the outlook, against a backdrop of strong demand for DIY products and continued investment into home improvements.”
Demand for DIY and home renovation products took off at the height of the pandemic, driven by Brits wanting to make lockdowns more palatable.
“Like-for-like sales were strongly ahead of 2019 in the final quarter but were also above the same period in 2020, when our sales bounced back strongly following the first national lockdown,” Parker added.
“This performance reflects a robust level of consumer demand but also underlines the strength of our growth strategy and the success of initiatives such as our improved value range and investment in our award-winning digital offer. We remain confident on the outlook, against a backdrop of strong demand for DIY products and continued investment into home improvements.”
Topps Tiles’ has not been immune to the supply chain crisis, with higher shipping costs squeezing margins, the firm said.
Analysts expect the firm’s profits to be between £13.2m and £14m.