Topps Tiles (LSE: TPT)

Currency in GBP

Last close As at 28/11/2023


−0.45 (−0.98%)

Market capitalisation


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 | edison tv

Topps Tiles – executive interview

Consumer | Initiation

Topps Tiles — Grout expectations



Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Key Management

  • Paul Forman


  • Robert Parker


  • Stephen Hopson


Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


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


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




ConsumerWatch – October 2023



ConsumerWatch – July 2023



ConsumerWatch – April 2023

Subscribe to Edison

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

Sign up for free