Topps Tiles posts first sales rise in five years

Topps Tiles said revenues and profits were up after reported it an overall increase in year-on-year sales for the first time since 2007.

Topps Tiles said revenues and profits were up after reported it an overall increase in year-on-year sales for the first time since 2007.

The firm said this came after a tough first half gave way to a considerably improved second period.

Like-for-like sales dropped 4.7% in the first half of the financial year, but then grew 3.5% during the second.

Topps added that in the first seven weeks of the new financial period, like-for-like revenues were up 1.0%.

Group revenue in the year to September 29th was up 1.2% to £177.7m, while pre-tax profits jumped 58% to £12.5m.

Basic earnings per share were up 5.14p from 3.04p the year before.

The company said it had increased market share by 1% to 27%, which it said reflected a successful strategy of 'inspiring customers' home improvement projects' and increased focus on trade customers.

Gross margin increased to 60.0%, from 59.6% the previous year, reflecting further supply chain efficiencies and proactive management of cost base.

"Whilst our most recent trading period offers some encouragement, we continue to be cautious in our outlook," the statement said.

The firm added that it would continue with a cautious expansionary approach and open new stores where strong trading locations became available.

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
5 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

New interest rates will be announced on 2 February – we look at what to expect.
26 Jan 2023