Topps Tiles has inched closer to taking one in every five UK tile sales – ahead of its 2025 target.
The tile giant said its share of the market had grown from 17.6 per cent to 19 per cent in the last year thanks to a second consecutive year of record growth.
Total sales for the 12 months to October 1 were more than £247 million, up 8.4 per cent on a year earlier.
Adjusted pre-tax profits at the Leicestershire-headquartered business were up 4 per cent to £15.6 million, and the business said trading had stayed robust in the last couple of months despite the pressures of high inflation, “low” consumer confidence and weakening disposable income.
Chief executive Rob Parker said: "We are pleased to have delivered a year of strong strategic progress, with record sales for a second year running and excellent delivery against our '1 in 5 by 2025' market share goal.
“We are continuing to develop and diversify the group and further strengthening our position as the UK's leading tile specialist.
"Within our Topps Tiles brand, where the majority of sales are being made to professional tradespeople, our focus on fewer more profitable stores and category extensions has driven sales per store up 25 per cent since 2019.
“Parkside, our commercial brand, has delivered a record year of sales and now moved into profit.
“Pro Tiler Tools and Tile Warehouse have added a new, high growth, online-only sales channel to the Group, leveraging our core strengths in product, service and scale.
"Looking forwards, we are mindful of the macroeconomic headwinds which will impact both UK consumers and businesses in the year ahead. Against this backdrop, our trading performance in the early weeks of the new financial year has been robust, with like-for-like sales growth in Topps Tiles over the first eight weeks of 3.4 per cent.
"Our market share growth during 2022, combined with our clear strategy and strong balance sheet, give us confidence that we will continue to deliver growth and create value over the medium term."
Topps Tiles said recruitment and retention remained a challenge for many companies given the tightness of the UK labour market, and it was offering fresh incentives to many of its 1,700-or-so staff.
During the year the business closed 10 stores and opened one, meaning the overall store estate has reduced from 372 at the end of 2017, to 304 at the end of 2022, a reduction of 18 per cent. Four more stores are expected to close in the first half of 2023.
