Topps Tiles — Back to revenue and profit growth

The key takeaways from Topps Tiles’ (TPT’s) H125 results are: 1) there is meaningful progress on the Mission 365 initiatives announced one year ago; 2) the company is back into revenue and profit growth despite inflationary cost pressures, demonstrating its operational gearing; and 3) management is in the early stages of being able to manage CTD Tiles, which is much needed following a prolonged CMA review during which trading has been relatively weak. The more encouraging trends in trading that were evident in H125 have continued into strong current trading in the first seven weeks of H225, with 9.5% y-o-y revenue growth at the group level.