Topps on the acquisition trail as revenues dive

Sales at Enderby-based Topps Tiles were down nearly 5% for the 13 weeks to 1 July, the firm said this morning (5 July).

Topps says the results, which saw sales fall by 4.7%, show continued weaker macro-economic conditions this year and a strong period of performance in the prior year when the business was benefiting from the increased level of housing transactions resulting from the Stamp Duty changes in April 2016.

Matthew Williams, chief executive officer, said: “At the time of our interim results in May we pointed to a more challenging macro-economic environment and this has persisted through the remainder of the third quarter. Tougher comparatives resulting from the changes to Stamp Duty in the prior year were a feature throughout the period and we have seen a modest improvement in trading over recent weeks as they have begun to ease.

“Against this background, we will continue to extend our market leadership position by focusing on our proven strategy of ‘Out-Specialising the Specialists’. In particular, we continue to evaluate selective acquisition opportunities in the commercial segment of the UK tile market.”