Topps Tiles (TPT) Trading Update summary

Financial performance

• Group sales for the year were £248 million, down 5.7% from the previous year's record £263 million.

• Fourth quarter group sales declined 4.4% year-on-year, a slight improvement over earlier quarters.

• Like-for-like sales in Topps Tiles fell 8.2% in Q4 and 9.1% for the full year.

• Sales to trade customers outperformed those to homeowners.

• Online Pure Play operations delivered robust growth, outperforming the broader market.

Market environment and outlook

• The trading environment was challenging, with the RMI sector particularly weak, especially for larger projects.

• The market is estimated to have declined by 10-15% year-on-year, but Topps Tiles outperformed the market.

• Macro-economic indicators suggest a stronger market in 2025, though timing of recovery is uncertain.

• The group remains confident in its strategy and ability to develop in all market conditions.

Strategic initiatives and acquisitions

• Acquired the CTD Tiles brand and certain assets in August 2024; the deal is under review by the Competition and Markets Authority.

• Focus remains on delivering the Mission 365 goal to grow group sales to £365 million per annum in the medium term.

• Continued to deliver on strategy and seize opportunities despite market headwinds.