Topps Tiles experienced a notable decline in annual sales amid challenging market conditions.
- The company’s revenue decreased by 5.7% to £248 million, excluding recent acquisitions.
- A weakened domestic repair, maintenance, and improvement sector impacted sales.
- Sales saw a minor improvement in the fourth quarter compared to earlier in the year.
- CEO Rob Parker remains optimistic about future market recovery and strategic goals.
Topps Tiles has encountered a challenging financial year, reporting a significant drop in sales revenue. The company saw a 5.7% decrease in its annual revenues, bringing in £248 million for the year ending 28 September. This figure does not account for recent sales from assets acquired through its August acquisition of CTD Tiles.
The trading atmosphere has been difficult, with weak demand particularly affecting the domestic repair, maintenance, and improvement (RMI) sector. Larger home improvement projects have been notably under pressure, contributing to the overall sales decline. During the fourth quarter, sales further fell by 4.4%, although this was an improvement on trends observed earlier in the year.
Rob Parker, CEO of Topps Tiles, remains focused on the company’s long-term goals, including growing group sales to £365 million annually. He remarked, “In a year that has proved challenging in many ways, I am pleased by how well our teams have responded to the weaker market, demonstrating both our resilience and our ability to continue to outperform.”
Despite these challenges, the outlook for the company remains cautiously optimistic. Parker notes that macro-economic signs suggest a possible stronger market in 2025. While acknowledging the uncertainty surrounding the timing and path of market recovery, he expressed confidence in the company’s strategy to continue its development in various market conditions.
In summary, despite a challenging trading environment and a drop in annual sales, Topps Tiles remains steadfast in its strategic direction and optimistic about future market recovery.
