Strong end of the year for Topps Tiles
In an update to the London Stock Exchange, the UK’s largest tile specialist showed a like-for-like revenue in the last quarter of 2017, a 3.4% increase compared to a rise of only 0.3% the year before.
In the same period, the company saw a net close of one store, finishing the year with a total of 371 stores.
Tops Tiles is optimistic about its future, saying that the acquisition of Parkside Ceramics in September is a sign the company is investing in "capabilities necessary for future growth".
Chief executive Matthew Williams said: "The group has made an encouraging start to the new financial year with like-for-like sales in Q1 up by 3.4%.
"We believe this represents an outperformance of the overall tile market in the period, reflecting the continued success of our strategy of 'Out-specialising the Specialists' and some further measured investment in both our trade and retail offer during the period.
"Our expansion into the commercial market is also progressing to plan, with the first investments made in the Parkside business adding new capabilities and resource.
"While we are pleased with the like-for-like sales growth achieved in Q1, we are retaining our prudent view of market conditions for the year ahead."
The firm’s next trading update for the Stock Exchange will be the 26 weeks ending on 31 March 2018 available on 4 April 2018.
Published: 09 January 2018