Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    Biodexa Pharmaceuticals

    MCap

    USD2m

    Last close

    USD5.11

    ▲ 1.61 (46.00%)

    Pharnext

    MCap

    EUR1m

    Last close

    EUR0.10

    ▲ 0.03 (42.86%)

    KEFI Gold and Copper

    MCap

    GBP29m

    Last close

    GBP0.01

    ▲ 0.15 (25.86%)

  • Sectors

    Sectors

  • Investment Strategy

    Investment Strategy

    View All

    Latest

  • Thematics

    Thematics

    View All Thematics

    Latest

Topps Tiles (LSE: TPT)

Currency in GBP

Last close As at 28/11/2023

GBP0.46

▲ −0.45 (−0.98%)

Market capitalisation

GBP89m

Topps Tiles is the market-leading specialist retailer/distributor of wall and floor tiles, and associated products such as tools, grouts and adhesives, to its retail, trade and commercial customers in the UK.

Changes in consumer confidence and the health of the housing market are important indicators for the outlook on spend on residential repairs, maintenance and improvement. With increasing exposure to the corporate market, Topps Tiles is also exposed to the expansion and maintenance capital plans of those customers, specifically in the retail, leisure and travel sectors, which are also affected by changes in consumer spending.

Latest Insights

View More

Consumer | Update

Topps Tiles — Share gains with easing cost pressures in FY23

Consumer | Update

Topps Tiles — Reassuring trading and profit guidance re-iterated

Consumer | edison tv

Topps Tiles – executive interview

Consumer | Initiation

Topps Tiles — Grout expectations
Visit Website

Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Key Management

  • Paul Forman

    Chairman

  • Robert Parker

    CEO

  • Stephen Hopson

    CFO

Balance Sheet

Forecast net cash (£m)

15.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.2) (9.9) 13.8
Relative (5.2) (11.3) 14.8
52 week high/low 56.4p/40.6p

Financials

The FY23 trading update indicated the company has delivered on consensus market profit expectations with a third consecutive year of record revenue. Group revenue grew by 6.4% y-o-y to c £263m (FY22: £247.2m), marginally ahead of our prior estimate of £261.3m. Management’s stated ‘significant outperformance’ versus the UK tiling market is testimony to its strategy of developing and diversifying its operations. Management believes there has been rapid progress towards the early delivery of its ‘1 in 5 by 2025’ market share target. Of equal importance was the contribution from the expected increase in the Topps Tiles brand’s (Omnichannel) gross margin through the year as inflationary cost pressures eased.

Y/E Oct Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 228.0 47.6 16.5 6.73 6.8 1.9
2022A 247.2 44.6 16.4 6.37 7.1 2.0
2023E 261.3 40.8 13.2 4.77 9.5 2.2
2024E 272.9 42.1 14.2 5.04 9.0 2.1

Research

Update

Consumer

Topps Tiles — Reassuring trading and profit guidance re-iterated

edison tv

Consumer

Topps Tiles – executive interview

Consumer

Update

Topps Tiles — Share gains with easing cost pressures in FY23

Initiation

Consumer

Topps Tiles — Grout expectations

Thematics

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

Consumer

ConsumerWatch – October 2023

thematic

Consumer

ConsumerWatch – July 2023

thematic

Consumer

ConsumerWatch – April 2023
View All

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free