DIYWEEK.net

Full-year profit at Topps Tiles rocketed by more than half, and the company notched up its sixth consecutive year of market share gains.
Reporting its results for the 52 weeks to September 27 2014 today, the UK's largest tile specialist said revenue was up 9.8% to £195.2m, while on a like-for-like basis it rose 8.6%. Pre-tax profit rose from £10.6m to £16.7m - up 58%.

Topps, which has 336 stores, said market share had now increased to 30.3% from 28.5% in 2013, reflecting a successful strategy of providing an inspirational shopping experience, unrivalled product range authority and multi-channel convenience. This was the sixth year in a row that Topps took market share, and the company believes it is on course to achieve its target of taking £1 in every £3 spent on domestic tiles.

One fifth of tile revenue was generated from ranges launched in the last 18 months.

During the year, trade sales increased to 46% of the total - up from 43% last year - as the trend for 'do it for me' gathered further momentum.

Topps' latest display and merchandising treatments have now been installed across the entire Topps estate, and the small-format Topps Tiles Boutique trial has been extended to five sites. Between 10 and 12 more openings are planned for next year, along with a roll-out of updated branding and external improvements across core stores.

Topps chief executive Matthew Williams said the group had "significantly outperformed the overall tile market...Furthermore, we have made an encouraging start to the new financial year, with like-for-like sales ahead by 6.7%.

"With a programme of initiatives to extend the appeal of the Topps brand well under way, we are confident that we will deliver further progress this financial year towards our goal of taking one third of the market."