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Topps Tiles hails one other 12 months of file gross sales after pandemic DIY increase

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Topps Tiles has revealed a second file 12 months for gross sales because it continued to herald extra prospects after the pandemic house enchancment increase.

The retailer mentioned group gross sales have been round £247 million over the previous 12 months, leaping by greater than a tenth in contrast with the earlier 12 months.

Gross sales previously three months have been 4.3% increased than the identical interval a 12 months in the past, the corporate reported.

Common weekly gross sales at every Topps Tiles retailer leapt by 1 / 4 in contrast with 2019, earlier than the pandemic, which prompted locked down households to show to DIY house enhancements.

It has additionally seen its commerce buyer base develop by a fifth from 2015 to 2022, describing them because the “essential hyperlink” to home-owner prospects.

The group mentioned its earnings for the total 12 months are anticipated to be in direction of the higher finish of market expectations.

The consensus for the agency’s full 12 months pre-tax earnings is £14.6 million, however with a better potential goal of £15.4 million.

Topps Tiles chief govt Rob Parker mentioned its sturdy steadiness sheet will assist cushion the agency because it strikes right into a interval of higher financial volatility.

In July, the group cautioned that it was battling in opposition to decrease shopper confidence, provide chain points and inflation.

However Mr Parker assured buyers that the tiles specialist is aiming to achieve a fifth of market share in simply over two years.

He mentioned: “The group has labored exhausting to realize a powerful steadiness sheet with constructive internet money and this may serve us nicely as we transfer right into a interval of macroeconomic volatility, resulting in a extra unsure surroundings for customers.

“On this context, our 20% market share purpose of ‘one in 5 by 2025’ and our progress technique to ship this may stay our main focus, and we’re assured that we are going to ship in opposition to them each.”

Topps Tiles acquired a majority stake in digital instruments enterprise Professional Tiler in March and will take over the complete firm’s shares by March 2024.

It has additionally moved to achieve the business market by its specialist Parkside model which has begun to interrupt even in earnings within the final three months, and is anticipated to spice up the complete group’s profitability from the 2023 monetary 12 months.

Topps Tiles was hit exhausting by the third English lockdown within the first three months of 2021 however loved a rebound after its shops reopened.

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