Topps Tiles PLC Response to Media Comment
December 02 2024 - 1:00AM
RNS Regulatory News
RNS Number : 3123O
Topps Tiles PLC
02 December 2024
2
December 2024
Topps Tiles
Plc
Response to Media
Comment
Topps Tiles Plc ("Topps Group", or
the "Group"), the UK's leading tile specialist, notes recent media
comment.
As announced in its 2024 full year
results on 26 November 2024, the Group would note the
following:
|
·
|
Topps Group is continuing to take
market share in a difficult trading environment for RMI and
especially bigger ticket spend:
|
|
|
|
-
|
In FY24, while the substantially
weaker consumer environment saw Topps Group adjusted revenue
decline 5.4% year on year, this was a substantial out-performance
of an overall market which was estimated to be down
10-15%
|
|
|
|
-
|
Since 2019, the UK tile market is
estimated to be down c.20%, whereas Group LFL revenue has remained
flat, and total revenue has increased by 14.9% through successful
inorganic growth such as the Pro-Tiler acquisition
|
|
|
|
-
|
In the first eight weeks of FY25,
Group sales are up 1.2% (excluding CTD)
|
|
|
·
|
The Group announced strong initial
progress against the five growth initiatives underpinning 'Mission
365', its strategic plan over the medium term to grow Group sales
to £365 million, with an adjusted PBT margin of 8-10%
|
|
·
|
Specifically, the Group noted the
development of its trade digital offer; the significant expansion
of its addressable market into hard surface coverings; increased
trade B2B opportunities with the acquisition of CTD Tiles; and
further strong growth in online pureplay, with Pro Tiler revenue up
over 30%
|
|
·
|
Topps Group has invested
significantly in expanding its digital operations over the last
five years and the business is truly omni-channel with 18% of group
revenues coming from online, and investment in the Group's digital
offer for trade customers driving further growth
|
|
·
|
The CTD acquisition is strategically
compelling as it is a trade-focused brand which will significantly
accelerate the Group's growth in the commercial market. The
acquisition was completed after appropriate due diligence with
advisors
|
|
·
|
A clear strategy and robust balance
sheet with £38.7 million cash headroom leaves the Group well placed
to deliver significant medium term growth
|
Paul Forman, Chairman, said: "We
engage with all our larger shareholders on a regular basis and
listen closely to their views. Our strategy was reviewed in April
and presented to shareholders in May, with further updates given
last week. Further expansion of our digital capabilities is at the
heart of many of these growth initiatives. Our latest results show
that we continue to take market share, consistently outperforming
the wider tile market despite very challenging trading conditions.
We believe this demonstrates the effectiveness of our strategy,
which has the full support of the Board."
For further information please
contact:
|
Topps Tiles Plc
|
|
|
Paul Forman, Chairman
Rob Parker, CEO
Stephen Hopson, CFO
|
0116 282
8000
|
|
Citigate Dewe Rogerson
|
|
|
Kevin Smith
|
020 7638
9571
|
Notes to Editors
Topps Tiles Plc is the UK's largest
specialist supplier of tiles and associated products, targeting the
UK domestic and commercial markets and serving homeowners, trade
customers, architects, designers and contractors from 301
nationwide Topps Tiles stores, 30 CTD Tile stores, a range of
direct business to business selling teams, and nine customer-facing
websites: www.toppstiles.co.uk,
www.parkside.co.uk,
www.protilertools.co.uk,
www.northantstools.co.uk,
www.premiumtiletrim.co.uk,
www.warmfloorstore.co.uk,
www.flooringmaterials.co.uk,
www.tilewarehouse.co.uk
and www.ctdtiles.co.uk.
Since opening its first store in
1963, Topps has maintained a simple operating philosophy
‐ inspiring customers with
unrivalled product choice and providing exceptional levels of
customer service. For further information on the Group,
please visit www.toppsgroup.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact
rns@lseg.com or visit
www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our
Privacy
Policy.
END
SPCKZMGZNMLGDZM
Topps Tiles (LSE:TPT)
Historical Stock Chart
From Nov 2024 to Dec 2024
Topps Tiles (LSE:TPT)
Historical Stock Chart
From Dec 2023 to Dec 2024
