Wednesday 3 April 2019 8:52 am

Topps Tiles revenues flat as retailer recovers from 2018 profit fall

UK retailer Topps Tiles held a steady course in the first half with revenues flat from the period before, it revealed today.

The announcement will reassure investors after Topps Tiles revealed a fall in profits in its half year results in November 2018, when it also said it was stockpiling supplies ahead of Brexit.

Read more: UK retail sales see biggest contraction in 17 months, says CBI

In a trading update before their full year results in May, the London-listed tile seller said that in the half year to 30 March their total revenues had fallen very slightly to £108.8m, 0.6 per cent lower than the £109.4m figure of a year earlier.

The company's shares rose 3.9 per cent on the London Stock Exchange yesterday in anticipation of today's trading update.

Like-for-like revenues for the 26-week period increased by 0.2 per cent. Topps Tiles said trading over the second quarter improved from quarter one, with like-for-like sales rising by 1.8 per cent.

Matthew Williams, Chief Executive Officer, said: “I am encouraged by our overall performance in the first half and believe the successful execution of this strategy is enabling us to outperform the overall tile market. Our commercial business is growing at pace and we remain open to opportunities to accelerate its expansion.”

Read more: Topps Tiles to begin stockpiling ahead of Brexit over supply chain fears

He said: “Developing and reinforcing our specialism in tiles is at the heart of our growth strategy.”

The company closed 13 stores and opened six during the first half, including an upmarket design studio in architecture and design hub Clerkenwell.