Topps Tiles is the latest company to announce plans to stockpile ahead of Brexit.
The UK’s biggest tile retailer shared Brexit-related concerns on Tuesday, revealing that leaving the EU could disrupt its supply chain and reduce consumer confidence.
The group adjusted pre-tax profit to the 30 September fell 14% from £18.6 million to £16 million due to costs of new stores. Revenue increased 2.4% to £216.9 million from £211.8 million.
“Against a challenging market backdrop, the group delivered a robust trading performance for the year with flat like-for-like sales and market-leading gross margins in retail, and the foundations laid for significant sales growth in commercial in the year ahead,” said Chief executive Matthew Williams.
“Whilst retaining a cautious view on the outlook, we remain confident that our expansion into the commercial tile market, coupled with our market-leading retail operation, gives us a solid platform for future growth.”
In October, shares in Topps Tiles soared after the group revealed pre-tax profits for the year would be at the top end of market expectations.
“Our core Topps Tiles business is a well invested, cash generative market leader with a proven strategy and we continue to make good progress with our expansion into the commercial segment of the UK tile market which will be an important source of future growth for the group,” said Williams at the time.
“In the absence of certainty over the arrangements for the UK’s departure from the EU, the group shortly intends to start a process of building stocks of raw materials to protect the company against the risk of delays at ports,” said the group.
Shares in the group (LON: TPT) are trading -3.15% (0935GMT).