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Topps Tiles PLC on Wednesday said it continues to make progress towards its goal of increasing annual sales to £365 million, after a year of strong sales growth and strategic progress. The Leicestershire-based tile retailer said strong trading continued throughout the second half of the financial year to September 28, resulting in another record year of turnover of around £265 million of adjusted sales, up 6.8% year-on-year from £248.5 million the year prior. In response, shares in Topps Tiles rose 5.7% to 37.10 pence each in London on Wednesday. Including CTD, which Topps Tiles bought in August 2024, total sales in the financial year were around £296 million, up 18% year-on-year, the firm said. This makes 2025 a ‘key year’ for the group as it progresses towards its ’Mission 365’ goal of increasing total sales to £365 million in the medium term while achieving an adjusted profit before tax margin of between 8% and 10%, it added. The improved sales performance was widespread, with each part of the business (Topps Tiles, Parkside, Online Pure Play and CTD) reporting improved year-on-year performance in the second half of the year compared to the first half. Like-for-like sales growth in Topps Tiles accelerated to 7.7% in the second half, up from 3.0% in the first half, and 5.3% for the year as a whole. As well as improving sales trends, the group expects to deliver higher adjusted gross margins in the second half than in the first half of the year. Reflecting higher costs, adjusted profit for the year is expected to be in the range of market expectations of £8.3 million to £9.2 million, up as much as 46% from £6.3 million the year prior. In addition, the business expects to finish the year in a net positive cash position. ‘Overall, the group’s improving trading momentum, strategic progress and strong balance sheet leave it well positioned to continue to grow sales and profit into 2026,’ Topps Tiles said. In addition, the company said the process to recruit a permanent chief financial officer is ‘well under way’ with an announcement expected before the end of 2025. In June, the previous CFO, Stephen Hopson, left to join Marston’s PLC. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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