The CEO of Leicester-based Topps Tiles has hailed a “strong first quarter,” with sales rising.
In a trading update for the 13-week period ended 31 December 2022, the tile specialist, currently in a feud with one of its major shareholders, indicated that group sales were 10.2% higher year on year, with approximately half of this growth due to the comparative period in 2021 being prior to the acquisition of Pro Tiler Tools.
Topps is expecting group profitability in the current financial year to be more second half weighted than is usually the case, driven by a significant year on year increase in its gas expense which will be weighted towards the autumn and winter period, the timing of various accruals, the impact of the newer businesses and some easing in supply chain costs as the year progresses.
Rob Parker, CEO, said: “We are pleased with what has been a strong first quarter of the new financial year, with strong like-for-like sales growth in Topps Tiles of 5.1%, excellent performance from our recent acquisition, Pro Tiler Tools, and overall group sales up 10.2% compared with the same period last year.
“We remain mindful of the macroeconomic headwinds which may impact UK consumers and businesses in the forthcoming year, but the group’s strong balance sheet, world class customer service, specialist expertise and ambitious growth strategy gives us confidence that we will continue to deliver value over the medium term.”
