Topps Tiles hails record turnover with Brits still hooked on home repairs
Topps Tiles, the UK’s largest tile specialist, has hailed a record turnover for the first half of the year, with Brits still hooked on repairing and improving their homes following the easing of lockdown restrictions.
The London-listed retailer snagged £199m in the six months to 2 April, up more than 15 per cent in comparison with £103m a year prior, Topps revealed in its interim results this morning.
The pandemic-era drive to do-up one’s property, after prolonged periods of time homebound, has pushed into the new year, as the business seeks to be a one in five supplier by 2025.
The upbeat results have pushed the retailer to rewarded shareholders by introducing a new dividend of 1p per share.
Like-for-like sales increased 22.7 per cent on a two-year basis in the first half, and up 19.7 per cent on a one-year basis.
“While supply chain and inflation headwinds strengthened in the period, we are managing these challenges effectively overall and believe we remain well positioned relative to many of our competitors,” chief executive Rob Parker said in a statement.
“Looking ahead, we are mindful of the growing burden on consumers from inflation and rising interest rates as well as ongoing supply chain challenges, however, we remain confident in our strategy and medium term growth prospects.”