(Alliance News) - Topps Tiles PLC on Wednesday said it had delivered its third consecutive year of "record" sales despite a slowing repair, maintenance and improvements market.
The Leicester-based tile retailer said sales in the financial year ended September 30 totalled around GBP263 million. This represented a 6.4% increase from GBP247.2 million the year prior and was another record year for the firm.
Topps Tiles noted that sales growth moderated in the final quarter of the year, as expected. The firm said this reflected the impact of a prolonged period of inflation, higher interest rates and the slowing housing market on residential repairs, maintenance, and improvements spend.
"However, against this market backdrop, we expect to have made strong market share gains, driven by our specialist expertise, broad product offering and world class customer service," the company added, predicting a "strong increase" from the 19% share reported in its last financial year.
As a result, Topps Tiles said adjusted pretax profit for the financial year ended September 30 should be in line with market expectations which currently range from GBP11.3 million to GBP12.3 million, with consensus at GBP11.8 million.
In financial 2022, Topps Tiles reported an adjusted pretax profit of GBP15.6 million. Should Topps Tiles meet consensus expectations for financial 2023, this would represent a decline of 24% year-on-year.
Shares in Topps Tiles were up 1.9% at 49.00 pence on Wednesday afternoon in London.
By Heather Rydings, Alliance News senior economics reporter
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Topps Tiles (TPT)