Topps Tiles – what of its response to “disastrous acquisition”, “failure to adapt to an evolving retail landscape” and other ‘Comment’?…

Describing itself as “the UK's leading tile specialist”, Topps Tiles (TPT) has issued a “Response to Media Comment”-titled announcement with Chairman Paul Forman concluding “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”. So what was the “Media Comment” and how credible is the company’s response?

Topps Tiles – full-year results emphasise “confidence in the medium term outlook”, so what about the current outlook?…

Describing itself as “the UK's leading tile specialist”, Topps Tiles (TPT) has announced results for its year ended 28th September 2024 including Chief Executive Rob Parker concluding “the robust strategic progress being made now to position the business for the future leaves us well-placed for a recovery in market volumes and underpins our confidence in the medium term outlook”. However, such a focus tends to mean the near term outlook isn’t good.

Topps Tiles – now served a CMA “initial enforcement order” for argued “excellent fit” acquisition

Topps Tiles (TPT) has announced that “the UK Competition and Markets Authority has now served an initial enforcement order… in relation to the CTD acquisition” and that it “is actively working with the CMA to ensure compliance with the IEO. A further announcement will be made in due course”. What about this and a currently down to 42.5p share price?

Topps Tiles (#TPT) – notes CMA initial enforcement order re. CTD acquisition as part of the CMA’s review process

Topps Tiles – “Q4 Trading Update” argues outlook for a stronger market, but wasn’t that also the outlook for its year just-ended! And…

Most recently writing on company describing itself as “the UK's leading tile specialist” Topps Tiles (TPT), in August with the shares rising above 45p I concluded that I remained cautious on the balance sheet and the trading performance ahead of full-year detail and continued to avoid. So what of now a “Q4 Trading Update”, and the shares currently at 43.95p?

Topps Tiles (#TPT) – Q4 sales -4.4% YoY, argues “macro-economic indicators point to a stronger market in 2025”

Topps Tiles – argues “excellent fit” acquisition, how’s current trading though?

Topps Tiles (TPT) has announced an acquisition from administration of CTD Tiles brands, 30 stores, selected stock and all related intellectual property. What of this and Topps Tiles shares currently responding up to above 45p?

Topps Tiles – Q3 update, trading environment “broadly unchanged”. Er, is it?…

Describing itself as “the UK's leading tile specialist”, Topps Tiles (TPT) has issued a “Q3 Trading Update” to 29th June 2024 including that “the trading environment in the period was broadly unchanged from that described in the group's Interim Results on 21 May” and that it is growing market share with a strong balance sheet and progressing self-help opportunities. So what of a current share price response further lower to below 40p?

Topps Tiles (#TPT) – Q3 sales -6.9% YoY, “recovery yet to feed through into our end markets”

Topps Tiles – “First Half Trading Update” is a profit warning that dare not speak its name…

Previously writing on Topps Tiles (TPT), which describes itself as “the UK's leading tile specialist”, with the shares down to 46.8p in January I concluded that a reliance on improving market conditions and full-year pre-tax profit forecasts of £11.5 million+ looked challenging. With the shares most recently closing at 44p, what of now a “First Half Trading Update”?

Topps Tiles (#TPT) – H1 sales -5.9% YoY, particularly notes subdued domestic RMI demand especially for bigger ticket projects

Topps Tiles – Q1 Trading Update argues second half weighting, but how confident to be for that?…

Previously writing on company describing itself as “the UK's leading tile specialist” Topps Tiles (TPT), last summer I concluded that, despite the shares still below 50p having reached more than 75p less than two years prior, in the prevailing macroeconomic environment I continued to wait for further proof of delivery and avoided. What delivery is there today in a “Q1 Trading Update”?

Topps Tiles (#TPT) – quarterly sales -4% YoY and argues expects second half profit weighting, hmmm

Topps Tiles (#TPT) – expects FY profit “in line with market expectations”, though notes sales growth moderated in final quarter

Topps Tiles – argues “sales remained strong in the third quarter”, but how strong really is the performance?…

Describing itself as “the UK's leading tile specialist”, Topps Tiles (TPT) has issued a “Q3 Trading Update” commencing that “Group sales remained strong in the third quarter”. With it “confident that adjusted profit before tax in the second half will be materially higher than the first half”, what of a share price still below 50p having reached more than 75p less than two years ago?

Topps Tiles (#TPT) – Q3 sales +4.4% YoY, confident H2 profit will be “materially higher” than H1 in line with expectations

Topps Tiles (#TPT) – H1 adj. EPS -45%, DPS +20%, notes inflation impact though now easing

Topps Tiles – ‘confidence in ability to drive value over medium term’, so what’s the current outlook?

Describing itself as “the UK's leading tile specialist”, Topps Tiles (TPT) has issued a “First Half Trading Update” announcement including “a record period in the first half, with revenues of £130.5 million, £11.3 million or 9.5% higher than the prior year… the business remains strongly cash generative… confidence in our ability to drive value for all stakeholders over the medium term”. So what of a current couple of percent higher 47.4p share price?

Topps Tiles (#TPT) – H1 update, argues expects profitability “to be weighted towards the second half”

Topps Tiles (#TPT) – Q1 LFL sales +5.1%, “remain mindful of the macroeconomic headwinds”