Topps Tiles

Topps Tiles (LSE: TPT)

Currency in GBP

Last close As at 29/09/2023

GBP0.48

▲ −0.60 (−1.22%)

Market capitalisation

GBP96m

Overview
Price performance
Financials
Research
Thematics

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

Consumer |
Update

05.07.23

Topps Tiles — Reassuring trading and profit guidance re-iterated

Consumer |
edison tv

26.05.23

Topps Tiles – executive interview

Consumer |
Initiation

26.05.23

Topps Tiles — Grout expectations

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Sector

Consumer

Equity Analyst

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	(4.2)	(2.6)	25.7
Relative	(7.0)	(3.5)	16.6
52 week high/low	56.4p/38.1p

Financials

Topps Tiles’ (TPT’s) Q323 trading update was reassuring with an acceleration in growth in Online Pure Play and continued revenue growth in Omni-channel with sequential gross margin improvement. The business improvement plan in the previously loss-making Commercial vertical has been completed quickly, which will remove a historic drag on profits. Following this restructuring, management believes the operating businesses and their parts position TPT well for growth in the B2B market. Our profit estimates, which are in the middle of management’s indicated consensus range, were unchanged. This is reassuring in the wider sector context where demand remains volatile and profits remain under pressure.