Group sales for London-listed Topps Tiles dropped for the year as the consumer retail brand battled through a “weaker” market amid homeowner reluctance to DIY.
The Manchester-headquartered company today announced in a fourth quarter trading update that group sales for the year fell 5.7 per cent to £248m.
This excludes revenues from the assets acquired from the £9m CTD Tiles brand acquisition, which was announced in August.
Like-for-like sales for the fourth quarter were 8.2 per cent lower year-on-year, despite trading levels “remaining stable”.
Rob Parker, chief executive of Topps Tiles, said: “In a year that has proved challenging in many ways, I am pleased by how well our teams have responded to the weaker market, demonstrating both our resilience and our ability to continue to outperform.
“I am also satisfied that despite these challenges we have been able to continue to deliver against our strategy and take opportunities as they have arisen, supported by our strong balance sheet.”
Sales have continued to fall throughout the year for Topps Tiles, with demand among homeowners decreasing.
Orders among trade customers, however, have proved to be more resilient, the firm said.
“Looking ahead, macro-economic indicators point to a stronger market in 2025,” Parker added.
“While the timing and trajectory of the recovery remains hard to predict, we are confident that our clearly articulated and proven strategy will enable the further development of the Group in all market conditions.”