Topps Tiles share price closed up nearly seven per cent today after the retailer posted bumper revenues for the first half of the year.
The Leicester-headquartered business reported a 9.5 per cent jump in revenues to £130.5m in the 26-week period ending April 1, with some £9m of the revenue growth related to its acquisition of DIY business Pro Tiler Tools and the launch of Tile Warehouse in 2022.
Topps Tiles also reported that like-for-like sales over the first half of the year were up 4.3 per cent.
Rob Parker, chief executive of Topps Tiles, said that while the economic outlook “remains uncertain” the company is confident about its performance for the year ahead.
He said: “Early signs of easing supply chain pressures, allied to the group’s strong balance sheet, world class customer service, specialist expertise and growth strategy give us confidence in our ability to drive value for all stakeholders over the medium term.”
It comes as the market had been signalling a slowdown of the DIY boom which was fuelled by the pandemic.
Earlier this year B&Q owner Kingfisher reported a sales slowdown posting pre-tax profits of £611m, down 39.3 per cent from £1.7bn in the same period last year.
Furthermore, DIY retailer Wickes, posted pre-tax profits of £75.4m, down from a £85.0m in 2021.
“Topp Tiles is still riding high on the DIY boom during the pandemic when people stuck at home were investing in their living space. While Covid lockdowns are a thing of the past (hopefully) the do-it-yourself trend persists,” Myron Jobson, senior personal finance analyst at Interactive Investor, said.
He added: “The business has fared well against lower consumer confidence amid the onslaught of rising prices squeezing household budgets and supply chain issues that have plague the DIY and home improvement market.
“An easing of supply chain issues are now being seen and cost price rises have fallen, which is bolstering confidence over the medium term. But the uncertain economic outlook and the persistence of red-hot inflation remain stubborn headwinds for the firm.”