Here is a summary of the trading update for Topps Tiles Plc for the 26-week period ended March 29, 2025
Group sales (excluding CTD) for the first half reached £127.7 million, a 4.0% increase year-over-year, with underlying sales growth of 4.4% in the second quarter.
Like-for-like sales within the Topps Tiles brand increased by 3.7% in the second quarter and 3.0% for the first half overall, driven by strong trade sales and digital initiatives.
The Group is focused on rebuilding profitability and has seen improvements in gross margins despite challenges in the external cost environment.
Progress has been made on Mission 365 growth initiatives, including category extensions and the development of a new customer engagement platform and trade app.
The Groups new warehouse in Northampton is performing well and supporting sales growth in Pro Tiler Tools.
The acquisition of the CTD brand and assets remains under CMA investigation, with the Group unable to report on its financial performance.
Topps Tiles Plc remains confident in its strategy and expects to achieve its Mission 365 goal over the medium term, despite mixed macroeconomic indicators.
The update highlights Topps Tiles Plcs positive sales growth and strategic progress, while also acknowledging the challenges posed by external cost pressures and the ongoing CMA investigation into the CTD acquisition.