29th Nov 2022 12:58
(Alliance News) - Topps Tiles PLC said on Tuesday that its market share had increased, while both its Topps Tiles brand and Parkside brand saw record sales in 2022.
The Leicestershire, England-based tile seller said that its pretax profit in its financial year that ended October 1 fell by 22% to GBP10.9 million from GBP14.0 million the year prior, while earnings per share were down 16% at 4.60 pence from 5.47p a year ago.
Topps Tiles said that it had achieved a 19% market share, up from 18% last year, and in line with its 2025 target of a 20% market share of tile sales.
Chief Executive Officer Rob Parker said: "We are pleased to have delivered a year of strong strategic progress, with record sales for a second year running and excellent delivery against our '1 in 5 by 2025' market share goal. We are continuing to develop and diversify the group and further strengthening our position as the UK's leading tile specialist."
The company said revenue increased by 8.4% to GBP247.2 million from GBP228.0 million a year ago - marking the company's second consecutive year of record revenue - with the average sales per Topps Tiles store up by 25% compared to 2019 levels, signalling a "strong group recovery from Covid," the company said.
It also declared a final dividend for its financial 2022 of 2.6p, down 15% from 3.1p a year prior. The total dividend stood at 3.6p, up 16% from 3.1p a year ago.
Parkside - the company's commercial tile brand - is now trading at break-even, and the Topps Tiles expects it to move into profit in 2023, while the group's other brands Pro Tiler Tools and Tile warehouse have "added a new, high growth, online-only sales channel to the Group, leveraging our core strengths in product, service and scale," according to Parker.
"Our market share growth during 2022, combined with our clear strategy and strong balance sheet, give us confidence that we will continue to deliver growth and create value over the medium term," Parker said.
Shares in Topps Tiles were up 2.9% at 41.15p per share on Tuesday afternoon in London.
By Harvey Dorset; [email protected]
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