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Topps Tiles (LSE: TPT)

Last close As at 15/11/2024

GBP0.41

▲ 0.10 (0.25%)

Market capitalisation

GBP80m

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, TPT 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 | Flash note

Topps Tiles — Slight sequential improvement in Q424

Consumer | Update

Topps Tiles — Acquisition of well-respected competitor

Consumer | Outlook

Topps Tiles — Covering the bases…and walls

Consumer | Flash note

Topps Tiles — Signs of stabilisation in Q324
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Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Key Management

  • Paul Forman

    Chairman

  • Robert Parker

    CEO

  • Stephen Hopson

    CFO

Balance Sheet

Forecast net cash (£m)

4.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (7.3) (6.9) (13.4)
Relative (4.9) (4.6) (20.5)
52 week high/low 53.6p/38.2p

Financials

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 Tiles 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.

Y/E Oct Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 247.2 44.3 16.1 6.24 6.5 1.8
2023A 262.7 41.6 13.4 4.50 9.0 1.9
2024E 247.3 33.0 6.5 2.12 19.2 2.4
2025E 294.4 37.1 11.0 4.02 10.1 2.2

edison tv

Consumer

Topps Tiles – executive interview

Initiation

Consumer

Topps Tiles — Grout expectations