Sales up at Topps Tiles
The chief executive of Leicester-based Topps Tiles has described the company’s performance in the past year as “robust”, after revealing a slight increase in revenue. The tile and wood flooring company revealed a 2 per cent rise to £182.4m in its annual results this morning.
For the 53 weeks ending 2 October, the company also revealed a pre-tax profit of £12.4m, an improvement on its 2009 performance which resulted in a profit before tax of £9.9m.
The company, which operates 312 stores throughout the UK, reduced its net debt by £22.1m to £49.1m over the 53 weeks.
Matthew Williamson said: “This has been a robust performance from the business during a tough trading period, which demonstrates the effectiveness of our strategy and the strength and resilience of our business model. Through the prudent management of costs and careful control of our business, we have significantly reduced our net debt position during the period and continued to build on our market leading position.
“We are encouraged by current trading despite the challenging economic outlook and subdued levels of consumer confidence. We are confident that the business will benefit from our growth strategy and our continued focus on delivering outstanding value to our customers.”
