Tapi Carpets has reported a significant turnaround, achieving its first operating profit outside the Covid-19 period.
- The flooring retailer experienced a profit increase of nearly £10 million for the year ending 31 December 2023.
- Sales rose by 7.9% to £171 million, with new store openings contributing to this growth.
- The performance reflects the benefits of sales growth paired with stringent cost controls across the business.
- Managing Director Jeevan Karir attributes success to the combination of a strong business proposition and superior customer service.
In its latest financial results, Tapi Carpets has marked a notable return to profitability, posting its first operating profit outside of the Covid-19 affected periods. This achievement comes amid challenging market conditions, showcasing the company’s resilience and strategic prowess.
The carpet retailer reported a profit increase of almost £10 million for the fiscal year concluded on 31 December 2023. This is a significant turnaround from a £1.7 million loss recorded in 2022. The retailers’ success is largely attributed to a series of strategic store openings and an effective cost-control mechanism, which have collectively fuelled the profit surge.
Tapi’s sales demonstrated a notable uptick of 7.9%, reaching a total of £171 million. This increase has been underpinned by the opening of seven new retail locations during 2023. These include new sites in Sutton, Speke, Putney, Crewe, and Bletchley, which have all contributed to the overall sales growth.
Importantly, the financial update signifies Tapi Carpets’ organic performance, explicitly excluding potential contributions from the Carpetright transaction completed in July. This clarity underscores the intrinsic strength of the company’s independent operations and strategic initiatives.
Jeevan Karir, Tapi’s Managing Director, recognises the ongoing harshness of the market landscape, noting, “The market remains tough, and consumers are under pressure, but the Tapi proposition, combined with outstanding customer service, is winning through.” The success reflects the firm’s dedication and the concerted efforts of its workforce in maintaining revenue growth and profitability.
Tapi Carpets’ recent financial results highlight the company’s effective strategies and resilience in achieving profitability in a challenging market.
