Profits plunge at Topps Tiles

Profits and turnover at Enderby-based Topps Tiles have fallen for the year-ending 30 September.

Revenue fell by 1.5% to £211.8m, while profit before tax was down 15.5% to £18.6m, with the firm blaming a weaker sterling for the performance.

Topps says its recent acquisition of Parkside Ceramics will form the basis of a new commercial division. The company says it will invest around £1m in the new venture.

Matthew Williams, Chief Executive 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.

“Trading in the first eight weeks of the new financial year has improved, with like-for-like sales increasing by 3.2%. 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.”