In the six months to 27 March, Topps Tiles produced a profit before tax of £4m, after lockdown restrictions in the first three months of the calendar year heavily impacted the group’s performance.
The retailer reported a half year of contrast this morning, with retail like-for-like sales up nearly 20 per cent in the first three months of the period, then down 17 per cent in the following three months, when the UK was put into lockdown and Topps Tiles stores shut for months.
Chief executive Rob Parker said the results demonstrated two sharply constrasted periods of trading.
“An exceptionally strong performance in Q1 demonstrated the ability of the business to bounce back following the initial lockdown,” he said.
“Our performance in Q2, while materially stronger than in the first lockdown, was heavily impacted by the re-imposition of Covid-related trading restrictions at the start of the period.”
The tile store saw its share price rise 2.4 per cent by mid-morning, following the publication of its half year results.
Topps Tiles reopened its stores on 12 April, and has so far seen retail like-for-like sales nearly 17 per cent ahead of the same period in 2019.
No interim dividend was declared today, however the board said it was the intention to reinstate dividends by the end of the year.