Topps Tiles — Aligning accounting treatment of CTD in FY25

At its H125 results, Topps Tiles’ (TPT’s) management excluded CTD Tiles’ results from its adjusted results, as it did not take full control of the business until after the period end due to the prolonged investigation by the Competition and Markets Authority (CMA). Management also indicated it would apply the same treatment to CTD’s results for the full year. We have adjusted our estimates to be consistent with management’s treatment of CTD’s results, removing the previous estimated operating profit from our adjusted numbers. We should stress there are no underlying changes to our estimates for TPT’s other operating divisions.