Retailer Topps Tiles said on Wednesday that revenues had grown in the year ended 2 October, driven by a “buoyant home improvement market” in the UK.
Topps said group revenues for the 53-week period were approximately £227.5m, or £222.5m on a comparable 52-week basis, up from £192.8m twelve months earlier for a record year of turnover for the group.
The London-listed firm stated its record performance was “even more notable” given that one quarter of the year included “significant trading restrictions” and a national lockdown.
As a result of the solid trading, Topps now expects adjusted pre-tax profits to be “slightly above” consensus forecasts for the full year.
Topps also said its performance demonstrated the success of the company’s growth strategy and was “a good step” towards the achievement of its market share goal of “one in five” by the second half of 2025.
Chief executive Rob Parker said: “The group has delivered an excellent final quarter and we have achieved a record level of annual revenue, despite operating with trading restrictions for significant parts of the year.
“We remain confident on the outlook, against a backdrop of strong demand for DIY products and continued investment into home improvements.”
As of 1030 BST, Topps shares were up 2.24% at 64.0p.
