Topps Tiles posts record FY sales as profitability returns

Topps Tiles has returned to profit in its full-year results, as statutory profits hit £8.3m, up from a £16.2m loss in 2024, with adjusted pre-tax profits soaring 46% to £9.2m.It comes as the group welcomed a “record” year of sales, as adjusted revenues rose by 6.8% to £295.8m, with each part of the business delivering growth over the period. 

This was supported by higher trade activity and the contribution of CTD, the tile chain acquired by the group in 2023. Trade sales grew 28.3% year-on-year, or 14.3% excluding CTD, and now make up about three quarters of group turnover.

Digital sales, excluding CTD, accounted for 21.1% of group revenue, up from 18.5% a year earlier. 

The company said it had made strategic progress across five focus areas: category expansion, the Topps Tiles trader digital platform, business-to-business sales, Pro Tiler, and Tile Warehouse.

A Competition and Markets Authority investigation relating to CTD concluded during the year, requiring the disposal of four stores, three of which have been completed. The firm said the remaining 22 sites are now fully integrated and that it expects CTD to move into profit in the 2026 financial year.

During the year, the group also acquired the Fired Earth brand, associated intellectual property, website and an estimated £2.5m of stock for £3m. It said the deal, completed in November, would add a complementary premium offer for both retail and trade customers.

Leadership changes are also under way at the group. New chief executive Alex Jensen will take over on 8 December as outgoing chief executive Rob Parker retires. Caroline Browne, currently group finance and investor relations director at Watches of Switzerland Group, will join as chief financial officer in spring 2026. Browne has previously held senior finance roles at Next and Boots.

In an update on recent trading, the company said group sales, excluding CTD, rose 3.3% in the first nine weeks of the new financial year. Like-for-like sales at Topps Tiles increased 2%, while all CTD stores were delivering consistent like-for-like growth.

The group warned that weaker consumer confidence had led to more moderate sales growth early in the new year, but added that, as a market leader, it remained confident in its strategy and its Mission 365 target.

CEO Rob Parker said: “In what will be my final year with the business I am pleased to deliver a strong set of financial results and strategic progress. The business has delivered a new record year of sales, combined with a strong increase in profits and dividends.  

“Our strategy and growth plans are working well and we are making excellent progress towards our Mission 365 goal. I wish my successor, Alex Jensen, the very best as she takes the Group on to the next stage of our exciting growth plans.”

Alex Jensen, chief executive designate, added: “This is a very encouraging set of results, and the team worked hard to ensure each business delivered strongly against the prior year.  I am grateful to Rob for the foundations he’s laid down and I look forward to working with the team to build on this progress, accelerate our digital momentum, and harness the team’s expertise to maximise value for all stakeholders. 

“I’m excited to bring the Fired Earth brand into our portfolio to further accelerate delivery of our Mission 365 goal. I’m also delighted that Caroline Browne has been appointed as the Group’s new CFO. Caroline’s extensive retail experience and proven ability will be invaluable as we continue to execute our growth strategy and strengthen our market position.”