TopHat faces loss despite expansion programme

TopHat Industries has posted a rise in pre-tax losses for the year to October 31 2022 of £20.4m – up from £19.4m in 2021,.

Meanwhile turnover has fallen to £10.2m from £12.3m.

The results were released just one day after its sister company, TopHat Communities, responsible for supervising the company’s development activities, reported a loss of £5.1m for the year.

These results follow a challenging phase for the modular housing industry, marked by the recent closures of competitors L&G Modular and Ilke.

TopHat runs its operations from a facility close to Derby, possessing the capability to manufacture 800 houses annually.

During June 2022, the company unveiled plans to establish a second factory in Corby by 2024, bringing together robotics with TopHat’s technology to produce and deliver as many as 4,000 homes annually.

A report from the company said: “TopHat is a young, ambitious company that is still in the growth phase.The group continues to invest ahead of revenue, both in growing capacity and developing its product offering.

“The directors are confident in the TopHat business plan, underpinned by the development of the second factory and the strong pipeline.”