Tapi saw losses reduced dramatically in 2020
Tapi saw its losses cut dramatically in 2020, to £5.2m.
Pre-tax losses fell from £17.55m in the year to 26 December 2020, although three-quarters of the difference was thanks to rent concessions and furlough payments. In common with other retailers it also benefited from the business rate holiday. Rent concessions and furlough payments totalled £8.22m.
Turnover rose 2.4% to £99.8m.
During the year a further £10.1m of shares were issued.
‘Much has been written about the unprecedented events seen in 2020 continuing into 2021, so I will not expand on the context of the year unnecessarily. Needless to say, a significant number of challenges have been weathered by our teams through the year, and our continued focus on our core value of “treating every customer like they are our nan”, as well as supporting our Tapi colleagues has put us in a great position for future growth. The tailwind of home improvement in consumer shopping trends in the second half of 2020 helped Tapi to record a strong underlying revenue growth rate and a modest maiden EBITDA profit for the first time despite disruptions throughout the year,’ says James Sturrock, Tapi ceo.
‘Revenue was 2.4% above 2019, which is a positive performance given the disruption of 16 weeks of full or partial store closures in the year.
‘The flooring market continues to be a competitive one with deep discounts the norm in the category, Tapi is confident we will succeed in this space by combining value for money products with exceptional customer service. Gross margin grew 3.3%pts compared to prior year to 59.5%.
‘Sustainable revenue growth has been supported by our continued investment in new store openings, an increased focus on customer experience and management of operating cost to sales ratios. Tapi is proud to have created over 100 new jobs in the company in 2020 to support this growth. We are thankful to our investors for the [£5.2m] bridging loan provided to support the business through the first lockdown in March to May of the year. We were pleased to be able to repay the loan in full in November 2020.
‘The board are immensely proud of the team's continued approach to supporting colleagues and putting customers at the heart of its operations through the difficult start to 2021 as stores remained closed in the midst of the Covid pandemic. Tapi's investment in digital touchpoints for customers enabled trading to continue in the first three months of the year, where customer demand was fulfilled with the various interaction methods from the comfort of their own homes. Online samples, video appointments via Zoom, mobile show room home visits and online room quotes all facilitated this delivery.’