Tapi Carpets has successfully navigated the challenging market landscape, achieving its first profit outside of the Covid period.
- The company saw a significant profit increase of nearly £10 million, following a prior loss in 2022.
- A key driver of this growth was a 7.9% increase in sales, featuring the opening of seven new stores.
- The performance improvement reflects a strategic focus on cost control and enhanced customer service.
- Managing Director Jeevan Karir credits the dedication of the staff for the company’s impressive turnaround.
In a significant financial turnaround, Tapi Carpets has reported a substantial profit increase in its latest annual results. For the year ending December 31, the company saw its profit surge by nearly £10 million, a sharp contrast to a £1.7 million loss recorded in the previous year. This marks the first time the carpet retailer has achieved operating profitability outside the Covid period.
One of the primary contributors to this financial success is a 7.9% rise in sales, bringing total sales to £171 million. This growth was propelled by the launch of seven new stores in key locations such as Sutton, Speke, Putney, Crewe, and Bletchley, during 2023. Notably, the reported results focus solely on Tapi’s organic growth, without considering any impact from the Carpetright transaction completed in July.
Jeevan Karir, Managing Director of Tapi Carpets, emphasized the importance of strategic initiatives and cost control in achieving these positive outcomes. He acknowledged the challenging market conditions, noting, “The market remains tough, and consumers are under pressure, but the Tapi proposition, combined with outstanding customer service, is winning through.” His remarks highlight the company’s commitment to maintaining tight cost controls while ensuring high-quality service for customers.
With the dedication and hard work of its employees, Tapi Carpets has not only returned to profitability but also sustained revenue growth well into the first half of 2024. Karir stated, “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.”
Tapi Carpets’ strategic focus on cost management and customer service has led to a significant financial turnaround amidst a challenging market.
