Despite challenging market conditions, Tapi Carpets has returned to profit, marking a notable recovery since the pandemic.
- The company reported an operating profit increase of nearly £10 million, rebounding from a £1.7 million loss in 2022.
- Sales grew by 7.9%, reaching £171 million, bolstered by the opening of seven new stores.
- This profit growth is attributed to strategic sales growth and strict cost management.
- Managing Director Jeevan Karir highlights the ongoing commitment to customer service as key to this success.
In a remarkable financial turnaround, Tapi Carpets announced a return to profitability, marking its first profit achievement outside the pandemic’s influence. The latest annual results reveal an operating profit surge by nearly £10 million, an impressive recovery from a previous £1.7 million loss in 2022. This financial uplift underscores Tapi’s resilience amidst a challenging market environment.
The company’s sales performance strengthened, experiencing a 7.9% increase to reach £171 million. This growth was primarily driven by the strategic opening of seven new stores across various locations including Sutton, Speke, Putney, Crewe, and Bletchley over the past year. These expansions have significantly contributed to the company’s revenue stream.
Tapi’s financial results are further emphasised by its focus on sales growth and stringent cost management. Notably, these figures do not account for any impact from the Carpetright acquisition, which was completed in July. This reflects the organic growth achieved through careful financial oversight and strategy.
Managing Director Jeevan Karir commented on the company’s progress despite market difficulties, stating, “The market remains tough, and consumers are under pressure, but the Tapi proposition, combined with outstanding customer service, is winning through.” Karir credits the dedication of their colleagues for the revenue growth and profitability in 2023, noting that the company continues to focus on customer delivery into 2024. This statement highlights the crucial role of workforce commitment and service quality in achieving financial objectives.
Tapi Carpets’ strategic growth initiatives and dedication to quality service have driven its successful return to profitability.
