Topps wants £1 of every £5 spent on tiles in five years
SALES BENEFITING FROM RISE IN HOME IMPROVEMENTS
TOPPS Tiles has ambitions to secure £1 in every £5 spent on tiles in the UK within five years.
The listed tile retailer has plans to meet the target by improving the value it offers to retail customers and by continuing to grow its commercial business to clients such as architects and designers.
It comes as the business, which has its national HQ just outside Leicester, confirmed revenues were down to less than £193 million for the year to September 26, a drop of 12 per cent on last year.
It made a pre-tax loss of almost £10 million, reflecting the huge impact of shop closures during the first lockdown.
The business said it saw strong recovery in its retail like-for-like sales in July, August and September – although shops have only been open to trade and click and collect customers during the latest lockdown.
However, it said retail sales had benefited from an increase in home improvement activity.
In its annual report to the markets the business said: “In our retail business, we have launched a new strategy, Great Experience, Great Product and Great Value, ensuring the journey for our customers starts and ends with a great service experience – whether in-store or online.
“The world-class customer service delivered by our staff across our 342 stores remains key to our offer and this is bolstered by our recently relaunched website which, during the first national lockdown, saw online sales treble.
“In our commercial business, we remain committed to our strategy of disrupting the commercial tile market and constructing a new market leader over the medium term.
“Sustainability is becoming a key part of our agenda; we are working with suppliers on high recycled content tiles and investing into energy efficient infrastructure.” Chief executive Rob Parker said: “In what has been a very challenging year, I am pleased with our response as a business, in the resilience we have shown and, in particular, the strong bounceback in retail sales delivered since the initial national lockdown. Underpinning all of this have been our exceptional colleagues across the group, and I would like to thank them all for their hard work and commitment throughout this testing period.
“During the year we have transformed our balance sheet and have accelerated our strategic development, building on our credentials as the UK’s leading tile specialist.
“We are ambitious for the business and have set ourselves a new goal of taking £1 in every £5 spent on tiles and associated products in the UK by 2025.
“It has been a year of challenge and change for Topps but we are emerging stronger and refreshed.
“Our new financial year has begun strongly, with retail like-forlike sales in the first eight weeks ahead by 19.6 per cent.
“With our true omni-channel offer, specialist credentials and strong financial footing, Topps is wellpositioned for growth as the UK economy begins to recover.”