Topps Tiles new boutique stores.

Today Topps Tiles (LON:TPT) posted its years trading results for the 53 weeks ended 3 October 2015 noting 5% growth in like for like revenue and adjusted profit before tax of £20.4 million, up by 19.3% in comparison to the prior year.

In the companies report it stated record sales of £212.2m which allowed Topps Tiles to reach its strategic goal of taking £1 in every £3 spent in the UK domestic tile market, one year early also giving the company its seventh consecutive year of market share gains.

Matthew Williams, Chief Executive of Topps Tiles said: “I am pleased to report that Topps delivered a strong performance for the year, with our focus on convenience, inspiration and range driving sales to a new record and enabling us to hit our strategic goal of a one third share of the domestic tile market a year ahead of schedule.  Our strategy of ‘Out-Specialising the Specialists’ continues to be very effective and will remain at the heart of what we do as we seek to build on these foundations and target further profitable sales growth.

“We have made an encouraging start to the new financial year, with like for likes sales in the first eight weeks ahead by 3.3%, in line with our expectations.  The Group has entered the period in good shape and with a clear purpose, and we remain energised by the multiple growth opportunities open to the business in the years ahead.”

The Board also said that its dividend policy during the year has been recognised as “relatively modest”.  In response the Board indicated that it considers a dividend cover of approximately 2x is achievable over the medium term and should be sustainable. Topps Tiles said “As a result of the proposed future policy, the dividend for this year has been based on an approximately 2.72x level of cover”.