Last close As at 05/08/2026
GBP0.36
▲ 1.90 (5.56%)
Market capitalisation
GBP71m
Research: Consumer
Topps Tiles (TPT) finished FY24 well on a relative basis by outperforming the still weak domestic repair, maintenance and improvement market. Its Q424 trading update indicates reassuring ‘stable’ trends in Topps Tiles stores versus the immediately prior quarter and continued growth from the rest of the portfolio. As a result, Q424’s yearly growth rate was slightly better than the rest of the year. The stability in Topps Tiles store sales is important as the company has weak comparatives through the whole of FY24, and macroeconomic indicators point to recovery. Topps has also announced it is working with the Competition and Markets Authority, which intends to review the company’s acquisition of certain assets of CTD Tiles under merger control, after receiving an initial information request.
Topps Tiles |
Slight sequential improvement in Q424 |
Q424 trading update |
Retail |
2 October 2024 |
Share price performance
Business description
Analysts
Topps Tiles is a research client of Edison Investment Research Limited |
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Topps Tiles (TPT) finished FY24 well on a relative basis by outperforming the still weak domestic repair, maintenance and improvement market. Its Q424 trading update indicates reassuring ‘stable’ trends in Topps Tiles stores versus the immediately prior quarter and continued growth from the rest of the portfolio. As a result, Q424’s yearly growth rate was slightly better than the rest of the year. The stability in Topps Tiles store sales is important as the company has weak comparatives through the whole of FY24, and macroeconomic indicators point to recovery. Topps has also announced it is working with the Competition and Markets Authority, which intends to review the company’s acquisition of certain assets of CTD Tiles under merger control, after receiving an initial information request.
Year end |
Revenue (£m) |
PBT* (£m) |
EPS* |
DPS |
P/E |
Yield |
09/22 |
247.2 |
16.1 |
6.2 |
3.6 |
7.2 |
8.0 |
09/23 |
262.7 |
13.4 |
4.5 |
3.6 |
10.0 |
8.0 |
09/24e |
247.3 |
6.5 |
2.1 |
1.4 |
21.1 |
3.2 |
09/25e |
294.4 |
11.0 |
4.0 |
3.7 |
11.2 |
8.3 |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Group revenue for FY24 of approximately £248m is in line with our estimate of £247.3m. The year-on-year decline of 5.7% suggests a broadly similar performance in the rate of decline in H224, as reported in H124, and a slight improvement in Q424, with a decline of 4.4% y-o-y versus Q324’s fall of 6.9% and for the first nine months of 6.2%.
In absolute terms, Topps Tiles’ retail stores (like-for-like) revenue was stable between Q324 and Q424, with the improving rate of decline in Q424 of 8.2% y-o-y versus Q324’s 9.7% accounted for by an easing comparative from the prior year. Management believes the market has declined by 10–15% y-o-y, so we believe the company has continued to perform very well on a relative basis.
Management has indicated similar trends as previously, namely that sales to trade customers have been more resilient than to homeowners. This supports the other parts of the group’s portfolio, specifically Online Pure Play where growth has been robust.
We make no changes to our estimates ahead of the publication of full-year results on 26 November 2024.
Our note covering the recently announced acquisition of certain assets of CTD Tiles can be found here. We believe the Phase 1 review, which can last 40 working days, will begin in the next few weeks.
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Research: Consumer
Greggs demonstrated continued strong sales growth in Q324, against a challenging Q323 comparative. The company continues to benefit from its multipronged growth strategy of increasing space, extended trading hours, new digital channels and menu development. Management is confident of meeting its full year expectations, helped by marginally lower cost inflation than previously expected.