Topps Tiles — Material improvement in profitability

Topps Tiles enjoyed better momentum across all of its businesses in H225 as its strategic initiatives to drive growth in larger addressable markets combined with more favourable dynamics in some of its end markets. This implies trade customers continue to drive growth, while trends for the retail customer are less negative. As a result, the company expects to be in line with consensus profit expectations, which are materially ahead of FY24. The CEO designate, Alex Jensen, is on board and there will be an orderly transition ahead of Rob Parker’s departure at the end of 2025.