Topps Tiles slips to loss but bosses remain upbeat

Topps Tiles has slipped to a £4m loss in its half-year results to 28 March after taking a £3.6m IFRS hit.

The Leicester firm’s revenues also took a dip, down 3.7% to £106.2m over the period.

It has suspended its dividend payment, as the Board and senior management agreed a 20% pay drop in April and 90% of staff were furloughed after closing its stores from 23 March.

Despite this, bosses are upbeat.

Rob Parker, chief executive said: “COVID-19 has created a complex and extremely challenging trading environment and I am pleased by the way the Group has responded to this crisis so far. We are prioritising the safety of our colleagues and customers, protecting the business and working hard to ensure we emerge from this period in the strongest possible position. The strong growth of our online business, the development of a collection-only store model, and the encouraging initial customer response to our phased programme of store re-openings, all demonstrate our resilience in the face of the COVID-19 threat.

“The response of our colleagues throughout these most testing times has been fantastic and I would like to thank them all for their unwavering support. The health and safety of employees, customers and business partners will remain our top priority as we continue to progress our plans for a safe return to work.

“Having taken steps to strengthen our financial liquidity over recent weeks we believe our resources are sufficient to address the current challenge. Looking further ahead, as the UK’s leading tile specialist, Topps remains well-positioned as the economy begins to recover.”