Topps Tiles ce­ments re­cov­ery amid boom in DIY home im­prove­ments

The Daily Telegraph - Business - - Business -

◆ Topps Tiles has been buoyed by Bri­tons spend­ing more time and cash on DIY projects at home, so it now ex­pects to make a “mod­est” profit this year, writes Laura Onita.

The tile spe­cial­ist has also seen a re­turn of trades­men to its stores and web­site as the con­struc­tion sec­tor be­comes more ac­tive af­ter lock­down.

Sales for the last six weeks rose 15.5pc year-on-year. This means the year to the end of Septem­ber will be a prof­itable one, de­spite a slump in sales in April and May. The com­pany agreed a sale and lease­back of its head of­fice in Le­ices­ter and cen­tral ware­house build­ings to shore up its fi­nances. It has £9m of net cash and ac­cess to a fur­ther £58m if nec­es­sary. It said it has stopped claim­ing fur­lough money for its staff as all 300 stores are now open.

Chief ex­ec­u­tive Rob Parker said he was pleased with the busi­ness.

Matt Wal­ton, a re­tail an­a­lyst at Glob­alData, said: “Topps’ larger stores and more lim­ited foot­fall mean it will be less im­pacted by so­cial dis­tanc­ing and a re­cov­ery in trade and com­mer­cial will fur­ther sup­port per­for­mance.”

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