Topps sees first half sales and earnings leap

TOPPS Tiles has reported strong first half growth, with like-for-like sales up 10.2%.

The business said this was down to a strategic focus on market share gains and stronger levels of consumer confidence.

Overall, sales were up 11.7% to £97.7m in the six months to the end of March. Pre-tax profits jumped from £4.7m to £8m.

Chief executive Matthew Williams said: “The group has delivered a very successful first half performance, with strong sales growth, improving gross margins and overall growth in profits. While trading conditions undoubtedly improved during the period, helped by a higher level of consumer confidence, we believe our first half sales growth was significantly ahead of the overall tile market.

“Our strategy continues to focus on market share gains driven by offering an authoritative and differentiated range, outstanding service, and multichannel convenience, resulting in excellent overall value for money.”

The company has its head office in Leicestershire, but its administrative base is in Handforth, Cheshire. It has 328 shops.

It is paying an interim dividend of 0.65p a share, up from 0.5p.