// Topps Tiles sales jump 10.2% in its latest quarter to 31 December
// Shareholder MS Galleon ramps up campaign to oust chairman as a ‘necessary step’ to see the group return to growth
Topps Tiles group sales soared 10.2% in its latest quarter despite its recent boardroom battle.
Like-for-likes rose 5.1% in the 13 weeks to 31 December, with the additional growth drive by the acquisition of Pro Tiler Tools in March 2022.
The sales rise comes as shareholder MS Galleon (MSG) ramped up calls for Topps Tiles’ non-executive chairman Darren Shapland to be removed as ‘a necessary step’ for the business to return to growth.
A bitter war of words has been staged in recent weeks as Topps accused MSG of misleading its investors in its bid to remove Shapland.
It also claims that MSG is set to open a direct competitor to its business in the UK.
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Although Topps’ growth rate slipped two percentage points following its store closure programme, which has now been completed, trading over the Christmas period boosted sales by half a percentage point.
Pro Tiler Tools sales in the most recent quarter are up “significantly year on year” as it continues to grow at an “exceptional rate”.
Topps launched online pureplay Tile Warehouse in May 2022. It said the initial start-up phase of the business was almost complete and it is focusing on driving more traffic to the website and higher levels of conversion.
The group did not reveal profit figures but said a “significant increase” in gas bills over the autumn and winter paired with easing supply chain costs will see its profitability “more second half weighted than is usually the case”.
Despite a strong first quarter, chief executive Rob Parker said: “We remain mindful of the macroeconomic headwinds which may impact UK consumers and businesses in the forthcoming year.
“The group’s strong balance sheet, world class customer service, specialist expertise and ambitious growth strategy gives us confidence that we will continue to deliver value over the medium term.”
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