Tapi plans growth despite slowdown
October 4, 2022
Tapi Carpets expects to beat buoyant trading last year to finish further ahead in 2022 and continue its programme of new store openings.
In just-filed accounts, Tapi reports that revenue grew 38% last year, seeing the ambitious group make a profit for the first time since its launch in 2015 - turning a £5.3m net loss in 2020 into a £5.4m profit in 2021.
Reporting to shareholders which include Lord Kirkham, Lord Harris and Dunelm deputy chairman Will Adderley, Tapi said "Continued investment has resulted in positive revenue growth in the first half of 2022.
"Consumer confidence in Q2 onwards has been impacted by inflation uncertainty over household bills and fuel costs and growth in the period Q2 onwards has slowed. Despite this impact, the board expects revenue in 2022 to finish the head of the previous year," it said.
The Orpington based business currently has 170 UK stores. It reported that it had agreed terms on eight new retail leases for 2022 to increase its outlets further.
SEARCH OUR NEWS SERVICE
FEATURED ARTICLES
Following its 2024 launch, the INDX National Flooring Show returns to Cranmore Park on 13-14 May 2025, with a commercially crafted showcase designed to fuel visitors’ business growth.
In the constantly changing world of wholesale and retail flooring, staying ahead requires embracing digital tools that streamline operations, reduce costs and improve customer service. By developing industry-specific software that address the unique challenges faced by flooring businesses, klipboard is enabling the flooring supplies industry to improve their operations through technology.
First impressions count, so in addition to choosing a durable and practical floor for halls and stairs, this connective space needs to be welcoming and ideally have a wow factor.
The LVT market continues to grow, and product offers become hard to differentiate between, that’s why Inspiration by Tarkett is fast becoming a popular option for retailers and consumers alike.
The Cavalier in-store sales kit is well-known throughout the trade for its striking appearance, clean, crisp lines in a stunning white powder coat finish, which as well as making samples stand out against it, disguises its robust steel construction. Designed by Cavalier, the products are all custom-built within walking distance from its Blackburn premises.
When it comes to supporting retailers in showcasing high-quality flooring products, Furlong Flooring leads the way with innovative and eye-catching Point of Sale (POS) materials. With decades of experience in the flooring industry, Furlong understands that first impressions count. That’s why its POS solutions are designed to make their extensive range of products not only easy to navigate but also impossible to ignore.
Tredaire’s latest in-store experience has touched down at Toons Furnishers, Derbyshire. Featuring striking sample displays, eye-catching banners, floor mats, window stickers, and more! The Tredaire-naut POS is transforming retail spaces and enhancing the customer experience.
Floorwise’s fantastic countertop display for its Max Reflections and Zenith profiles and floorwise underlays giving retailers the chance to maximise profitable up-sells.
BUSINESS NEWS
The British Furniture Confederation (BFC), the public affairs umbrella body of furniture and beds, furnishings and flooring sector trade associations, has unveiled its new Plan for Growth. The document is said to support BFC’s advocacy across four key pillars: skills and education; trade and exports; standards and regulations; and the environment and circular economy. It has been developed over the past few months, the organisation says, evolving from a combination of position papers written by the associations’ executives and a comprehensive survey of their collective members.
Consumer card spending grew 1.0% year-on-year in February – lower than January’s 1.9% increase and less than the latest CPIH inflation rate of 3.9%, according to recent figures reported by Barclays. In anticipation of higher bills, consumers are said to be cutting back on essential outgoings, but still prioritising discretionary purchases, contributing to an uptick in optimism in the health of personal and household finances.
Kellars, which describes itself as the largest independent flooring wholesaler in the UK, saw another year of “substantial growth” to July 2024, according to its strategic report for the period. With six depots across the UK and a team of more than 100, the company has reportedly grown at a “rapid rate,” with the year leading up to July 2024 seeing a dramatic rise.
Victoria PLC, an international designer, manufacturer and distributor of flooring, today announces the planned appointment of Alec Pratt to the Group board as Chief Financial Officer Designate, who will replace Brian Morgan after three years’ service as Victoria’s Chief Financial Officer in June.
Based on data from the Office of National Statistics (ONS), carpets and other floorcoverings saw inflation of 0.6% in January, though this is set against a 2.5% fall last month. In January of last year the same category saw a 0.5% decline.
GfK’s long-running Consumer Confidence Index increased by two points to -20 in February. All measures were up in comparison to last month’s announcement.
Mohawk Industries has announced fourth quarter 2024 net earnings of $93m (£71.8m), with adjusted net earnings at $123m (£95m). Net sales for the fourth quarter of 2024 were $2.6bn (£2bn), an increase of 1.0% as reported and a decrease of 1.0% on an adjusted basis versus the prior year.
Likewise Group, a UK flooring distributor, has announced the completion of its purchase of a freehold Logistics Centre in Ivybridge near Plymouth.
VAT and PAYE records from HM Revenue and Customs, compiled by The Furnishing Report, have revealed the number of flooring retailers with sales over £1m reached a record high in 2024.
GfK’s long-running Consumer Confidence Index decreased by five points to -22 in January. According to the organisation, all measures were down in comparison to last month’s announcement.
Lifestyle Floors, a leading brand of carpet, laminate, vinyl and LVT flooring, announces its relaunch to independent retailers, that will be rolled out across the UK from April 2025.
Kerridge Commercial Systems (KCS), a leading global provider of business software solutions, has announced its strategic rebrand to Klipboard.
Now available at floorwise distributors across the UK, Ireland and Europe, floorwise F586 – The Perfect Fix - is a new cartridge adhesive that’s a versatile solution for a wide range of applications.
With 57 designs to choose from and wonderful comfort with every footstep, customers will be feeling delight with the latest cushion vinyl collection from Beauflor. Ideal for homes and private areas within social housing, Feelings brings an affordable and stylish floor that has all the benefits of warmth, comfort and practicality.
Studio Casa is a cushion vinyl floor for homes serious about unique contemporary style.
Coretec celebrates its 10th anniversary in Europe this year. To celebrate this Coretec have launched a new premium look and designed a completely new display and presentation concept.