Tapi has turned a profit for the first time outside of the pandemic

The carpets and flooring retailer grew revenue 7.9% year on year to £171m for the 52-weeks ending 31 Decembr 2023, while operating profit reached £8.1m from 2022’s £1.7m loss. 

The move to profitability is a first for the retailer outside of the home improvement boom seen during the pandemic; Tapi attributed the result to “the benefits of revenue growth and the continued focus on tight cost control across the business”.

The results are not impacted by Tapi’s acquisition of Carpetright, which happened outside of the reporting period. 

Last year, Tapi added seven new stores to its portfolio including locations in Sutton, Speke, Putney and Merthyr Tydfil. Following the acquisition of 54 Carpetright stores, Tapi’s store estate now stands at more than 200. 

Tapi managing director Jeevan Karir said: “The market remains tough, and consumers are under pressure, but the Tapi proposition, combined with outstanding customer service, is winning through.

”Thanks to the commitment and dedication of our colleagues, we have delivered revenue growth and returned the business to profitability in 2023. Our progress has continued through the first half of 2024 as we remain focused on delivering for customers.”