THE UK's largest tile retailer, Topps Tiles, yesterday said its historically loss-making commercial business will climb into profitability next year, as it continues to navigate falling consumer confidence, supply chain challenges and historic levels of inflation.

"We remain confident that the business will break even in the second half of the year and then move into profitability in 2023," the company said in a third quarter trading update yesterday.

Group sales have jumped 9.2 per cent in the third quarter of the year, in comparison with the same period a year prior.

The retailer had performed well over the pandemic, as a lockdowninduced home improvements boom boosted revenue.

In May, Topps Tiles hailed a record turnover for the first half of the year, with Brits still hooked on repairing and improving their homes in the face of record house prices.

An increasing number of Brits have turned to home repairs and re-vamps instead of trading in their home on the market, which helped the London-listed retailer snag £119m in revenue in the six months to 2 April, up more than 15 per cent in comparison with £103m a year prior.

Topps Tiles had acquired a majority stake in a rival online tiling supplier in March with some of its pandemic cash, as it hopes to secure a 20 per cent market share in the UK.

(c) 2022 City A.M., source Newspaper