Topps Tiles half-year profits down 18.8%

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Topps Tiles
// Topps Tiles profit before tax fell 18.8% to £5.2m, compared with £6.4m in 2018
// Like-for-likes edged up 1.2% compared to a decline of 0.2% last year
// Group revenue dipped by a mere 0.2% to £110.3m from £110.5m in 2018

Topps Tiles has recorded a fall in half-year profit before tax as well as a slight dip in group revenue but “business continues to grow rapidly”.

In the 26 weeks to March 30, the retailer’s statutory profit before tax fell 18.8 per cent to £5.2 million, compared with £6.4 million in the same period last year.

Group revenue dipped by a mere 0.2 per cent to £110.3 million from £110.5 million last year.

Meanwhile, net debt was down at £18 million compared with the net debt of £25.1 million last year.

Topps Tiles said like-for-likes rose 1.2 per cent compared to a decline of 0.2 per cent last year.

“The group has delivered a resilient first-half performance as we continue to consolidate our position as the UK’s leading tile specialist,” Topps Tiles chief executive Matthew Williams said.

“Against a consumer backdrop which remains challenging, our trading performance was robust, underpinned by further gains in market share.

“Our commercial tile business continues to grow rapidly, with first-half sales more than tripling year on year.

Expansion of the commercial division was accelerated by the acquisition of Strata Tiles in April.”

The company said it remained confident in continuing to extend its “market-leading position”.

Furthermore, since the launch of its new Tile Talk customer feedback system, the company recorded an overall satisfaction score of 86 per cent.

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