Topps Tiles sets out mission to increase revenues by £100m

Topps Tiles has launched a growth strategy as it targets a significant increase in sales.

It hopes to shrug off a challenging market, which is 20% lower than before the pandemic and has seen it announce this morning a 6% fall in half-year sales.

“Mission 365” sets out the tile specialist’s ambition to achieve annual revenues of £365m in the medium term – which would be £100m higher than in 2023 – with adjusted pre-tax margins of 8-10%.

Rob Parker, chief executive of Topps Tiles, said: “Notwithstanding the challenges of current market conditions, we believe that Topps Group has a substantial opportunity to increase sales and profitability over the medium term through our new growth strategy of Mission 365.

“Mission 365 includes the development of new digital platforms for Topps Tiles trade customers; an increase in our addressable market of 75% by entering new product areas adjacent to our core tile specialism; a drive for accelerated growth in B2B markets through a more co-ordinated Group-wide approach; and continued momentum in our high growth online pure play businesses, Pro-Tiler and Tile Warehouse.”