DIYWEEK.net

 

Topps Tiles' full year results report a loss in profit

Published: 28 November 2017 - Kiran Grewal

Tile specialists Topps Tiles Plc, announced its annual financial results for the 52 weeks ended 30 September 2017 today, reporting a loss of 1.5% in group revenue since the 52 weeks ended 1 October 2016, from £215.0 million to this year's £211.8 million.

Like-for-like revenue declined by 2.9% compared to a 4.2% growth last year.

Profit before tax was reported as £17.0 million, showcasing a loss of £3 million since 2016 and a drop of 15% profit year on year.

The group has increased its trading by a further 20 stores, as the first eight weeks of the new financial period saw group revenues on a like-for-like basis grow by 3.2%, commenting on the results, Chief Executive Matthew Williams said:  "The business responded well to the more challenging trading conditions we experienced in 2017, maintaining tight control of costs to help offset the reduction in gross margin and continuing to make good progress with its strategic initiatives. 

"While we are retaining our prudent view of market conditions for the year ahead, we are encouraged by this return to like-for-like sales growth.  We are confident that the combination of the significant further potential in our strategy of "Out-specialising the Specialists" with our accelerated plan to grow in the commercial tile market will underpin our future success."

 

 

Senior market analyst at City Index, Fiona Cincotta comments: “The outlook statement is surprisingly encouraging, with a healthy rise in like-for-like sales in the first few months of the year marking an end to the deterioration that was evident throughout the entire year last year.

"Investors will no doubt lap that up, though they shouldn't get too carried away.

"Consumer confidence remains on shaky ground, so it's likely that many DIYers will hold back on big-ticket renovations until there is more clarity on Brexit negotiations.

"That said, these pleasing early sales figures indicate efforts to expand the range and improve customer service are gaining some traction.

"It's still early days, though, and it's clear management isn't getting too carried away either: they've cut the final dividend by 8% after having increased it at the half-year point.”


Established 1963, Topps Tiles is a supplier of tiles and associated tools and accessories with 372 stores nationwide, up from 352 in 2016.

Comments


(Your email address will not be published)
Already Registered?
Sign In
Not Yet Registered?
Register
Printable View E-mail Bookmark
*

What do you think?

Is Brexit boosting demand for British manufacturing?


Has there been a greater uptake from retailers sourcing British-made products in the face of Brexit?


Latest reader comments

re: B&Q invites suppliers to pitch at Innovation Open Day

Brian Eacersall
Hi B & Q innovations Team.I have already sent in an e-mail outlining my design using the request to become a supplier route.However I ...

re: Toolstation.com excels in Which? website survey

Muhammad idrees
Good service and price also good...

re: Mike Ashley calls Debenhams administration a “national scandal”

m orourke
How can senior management at debenhams stay in post whilst abdicating their responsibilies to a bunch of consultants to save the buisness ...

re: B&Q and Valspar partnership to "transform the paint market in the UK"

Tony Turner
A bit of context: first decorating undertaken in 1968, have continued to decorate at DIY and professional level ever since, Wife has ...

re: Builder wins Toolstation's prize draw pick-up

Brian Easton
Brilliant delivery, much help from Daniel and Shakil...

Most read stories

https://www.diyweek.net/topps-tiles-full-year-results-report-a-loss-in-profit