Topps Tiles Company Research (TPT)

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.