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Tapi lifts margins as store dash ends

Tapi saw sales almost double last year as it continued its expansion while losses were almost flat.

Sales rose from £30.2m to £56.9m in the year to 30 December.

Pre-tax losses rose from £10.19m to £10.92m.

The company indicated in its accounts that its rapid expansion was coming to an end. In 2017 it opened 24 branches, increasing the number to 91. It opened its 100th in August and expects to have 111 by the end of the year.

‘The directors fully expected the associated accounting losses during the development stage of the business and are confident of moving to a profitable position once the business is established,’ said the company’s Strategic report.

It said like for like sales had again enjoyed double-digit growth and gross margin had risen from 56% to 58.1%.

‘The deliberate acceleration of the store opening programme implies that the period of rapid store rollout is now coming to an end. The company will however continue to assess opportunities on an individual store by store basis. Having established a material store base, the strategic focus will turn to the alternative channels offer,’ it added.