Tapi Carpets has reported its first operating profit outside the Covid period, illustrating significant recovery and growth.
- The company experienced a remarkable profit increase, nearly £10 million, reversing a £1.7 million loss from the previous year.
- Sales saw a growth of 7.9%, reaching £171 million, largely attributed to the opening of new stores in 2023.
- Tapi Carpets’ performance was enhanced by stringent cost controls and a focused business strategy.
- Managing Director Jeevan Karir acknowledged the challenging market but highlighted the company’s resilience and customer service commitment.
Tapi Carpets has recorded its first operating profit outside the Covid era, showcasing a substantial financial recovery. The carpet retailer has posted a profit surge of nearly £10 million for the year ending 31 December. This is a noteworthy turnaround from a £1.7 million loss in 2022, marking a significant financial rebound.
Sales for Tapi Carpets rose by 7.9%, climbing to £171 million. This increase in revenue was primarily driven by the inauguration of seven new stores in 2023, with locations including Sutton, Speke, Putney, Crewe, and Bletchley. The ability to expand store presence significantly contributed to revenue growth.
The reported financial update reflects solely the organic performance of Tapi Carpets, with no contributions from the Carpetright transaction completed in July. This underscores the company’s ability to generate profit through its internal strategies without relying on recent acquisitions.
Management attributes the improved financial outcomes to sales growth and an unwavering focus on cost control throughout the business. This disciplined approach has been a cornerstone of Tapi’s recovery and subsequent profitability.
Managing Director Jeevan Karir stated, “The market remains tough, and consumers are under pressure, but the Tapi proposition, combined with outstanding customer service, is winning through.” Karir commended the dedication of colleagues in achieving revenue growth and restoring profitability and affirmed the company’s continuous progress into the first half of 2024.
Tapi Carpets’ return to profitability underscores the effectiveness of strategic management and resilient market performance.
