Topps Tiles swings to interim loss in challenging markets

21st May 2024 13:47

(Sharecast News) - Topps Tiles said on Tuesday that it swung to an interim pre-tax loss as revenue fell in challenging trading conditions.

In the 26 weeks to 30 March, the tile specialist swung to a statutory pre-tax loss of £1.5m from a profit of £1.7m in the same period a year earlier. Revenue declined 5.8% to £122.8m, driven by lower footfall in Topps Tiles.

The company said trading conditions in the first half were challenging against the backdrop of a weak repair, maintenance and improvement market.

The interim dividend was held at 1.2p a share.

Chief executive Rob Parker said; "Trading conditions in the first half have been challenging in a tile market which is down 20% on 2019. Against this backdrop, we are continuing to take market share, our online pure play businesses are growing strongly and the group remains in a robust financial position.

"Lead indicators of market activity such as mortgage approvals, consumer confidence and smaller ticket DIY spend are improving, and while we are yet to see this feed through into our customer's spending patterns, as market leader Topps Group remains well-positioned for recovery."