Topps Tiles PLC (LSE:TPT) saw sales come down sharply this year, as persistently weak demand in the repair, maintenance and improvement (RMI) sector set the stage for “very challenging” trading conditions.
The group’s annual sales (excluding the acquisition of tile supplier CTD in August) fell 5.7% to £248 million, though this was against a record-high 2023 comparative.
Group sales in the fourth quarter were 4.4% lower, representing a slight improvement on the trends seen across the rest of the year.
Topps noted that it had outperformed the broader market, which is estimated to have contracted by 10-15% this year.
In August 2024, Topps Tiles completed the acquisition of CTD’s brand and assets for £9 million. The acquisition is currently under review by the Competition and Markets Authority (CMA) as part of a merger control process.
Rob Parker, chief executive of Topps Group, stated: "In a year that has proved challenging in many ways, I am pleased by how well our teams have responded to the weaker market, demonstrating both our resilience and our ability to continue to outperform.
“I am also satisfied that despite these challenges we have been able to continue to deliver against our strategy and take opportunities as they have arisen, supported by our strong balance sheet."