Earnings release
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RNS Trading Statement Q1 TRADING UPDATE AND CEO SUCCESSION TOPPS TILES PLC Released 07:00:01 08 January 2025 RNS Number : 4635S Topps Tiles PLC 08 January 2025 8 January 2025 Topps Tiles Plc Q1 Trading Update and CEO Succession Topps Tiles Plc ("Topps Group", or the "Group"), the UK's leading tile specialist, announces a tradi period ended 28 December 2024 and an update on CEO succession. Trading Update Building on the return to sales growth in the early weeks of the new financial year, as reported in t Results, the Group is pleased to report a further improvement in trading over the first quarter of the 13 weeks ended 28 December were 4.6% higher year-on-year excluding CTD1, with sales in the mo up 12.9% year-on-year, supported by the timing of the period end2. Like-for-like sales in Topps Til year in the 13 weeks ended 28 December 2024 and up 12.5% in the most recent five-week period. Play part of the Group were strongly positive. The Group plans to deliver its 'Mission 365' goal through five key growth areas: 1. Improving the trade digital experience 2. Expanding into new coverings categories 3. Increasing its B2B sales focus 4. Continuing to expand Pro Tiler Tools 5. Building Tile Warehouse to maturity Good further progress was made with each of these initiatives during the first quarter. The sales improvement in the first quarter was driven by the ongoing strengthening of the Group growth in trade revenues at both Topps Tiles and Pro Tiler Tools. In Topps Tiles, the total number o at the end of the period was up 7% year on year to 141,000, with the number of new traders regis than doubling year-on-year, both in store and online. Trade growth has been supported by develo brand's digital channels, clearer pricing and excellent stock availability, leading to total year-on-y 2025-01-08 13:28 Q1 Trading Update and CEO Succession - 07:00:01 08 Jan 2025 - TPT News article | London Stock Exchange https://www.londonstockexchange.com/news-article/TPT/q1-trading-update-and-ceo-succession/16841915 1/3
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Topps Tiles over the quarter of 13.5%. The strong sales growth in Pro Tiler Tools continues, up 20 quarter. As well as trade, the other key theme of the Mission 365 growth areas is digital, and the Grou progress in this area in the first quarter. Total traffic to Topps Tiles' digital channels was up 17 organic traffic4 growth of 13%, and sales transacted online were up 8%. In particular, the Topps Til has continued to develop at pace. Online trade traffic was up more than five-fold, and online trade s Topps Tiles brand in the period. Tile Warehouse sales were up c. 140% in the first quarter. The Group's new 140,000 square foot warehouse at Pro Logis Park in Northampton was also op warehouse is the new base for Pro Tiler Tools and was fully operational at the start of January. Th completed ahead of schedule and on budget, and will unlock the opportunity for the brand to continu and extend its product range as well as adding operational efficiency. The Group noted the launch of the merger inquiry by the CMA on 18 December 2024 and looks fo CMA as they continue their review. A decision by the CMA on the phase 1 enquiry is due to be mad As previously disclosed in the 2024 results, the timing of holiday pay accruals, seasonally higher en and investment in strategic growth will result in the Group's profits in 2025 being weighted towa financial year. Rob Parker, Chief Executive, said: "We are pleased to see the Group return to sales growth in th financial year, supported by our strong trade offer and continued strategic progress, particula omnichannel growth initiatives. Whilst it is early in the financial year and macroeconomic indicat pleased that our growth strategy is delivering strong results, which leaves us well positioned to de 365." CEO Succession The Group announces that following an extended period of consideration, Rob Parker, CEO, has intention to retire from the business after 18 years with the Group. Rob joined the Group in 2007 years before becoming CEO in 2019. The Nominations Committee has therefore activated its succession plan and, with the support of commenced the search process for a new Chief Executive Officer. Rob will remain in post until an appropriate successor has been appointed, to ensure an orderly t which is expected to be towards the end of 2025. Paul Forman, Chairman, said: "Rob has made an enormous contribution to the development and su the last 18 years. During his time as CEO, he has overseen a period of significant diversification an and has led the Group through a particularly volatile period for the UK economy, including the C leave with the Group well-positioned and we are grateful for his continuing leadership and commitm managed transition to his successor. On a personal note, I would like to thank Rob for the sup insight he has given me as a newly appointed Chair." A further update will be given in due course. Note 1 - The Group's acquisition of the brand and certain assets of CTD Tiles, as announced on 19 August 2024, rem Competition and Markets Authority, and the Group is therefore unable to report on the financial performance of this part of th Note 2 - The first quarter ended on 28/12/24, compared to 30/12/23 in the last financial year, therefore more of the quieter ho first quarter of the last financial year when compared to this year. The estimated impact of the period end movement on Grou Group sales excluding CTD Weeks 1-8 Weeks 9-13 Weeks 1-13 Reported year-on-year sales growth 1.2% 12.9% 4.6% Estimated impact of period end timing 4.5% 1.3% Underlying year-on-year sales growth 1.2% 8.4% 3.3% The impact of the change in period end date on the Topps Tiles like-for-like sales growth is estimated at approximately +5.0 and +1.5 percentage points in week 1-13. Note 3 - Active registered traders are registered trade customers in Topps Tiles who have spent with the brand in the last twelv Note 4 - Organic traffic refers to digital traffic generated from unpaid sources, in comparison to, say, pay per click advertising 2025-01-08 13:28 Q1 Trading Update and CEO Succession - 07:00:01 08 Jan 2025 - TPT News article | London Stock Exchange https://www.londonstockexchange.com/news-article/TPT/q1-trading-update-and-ceo-succession/16841915 2/3
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For further information please contact: Topps Tiles Plc Rob Parker, CEO Stephen Hopson, CFO 011 Citigate Dewe Rogerson Kevin Smith 020 Notes to Editors Topps Tiles Plc is the UK's largest specialist supplier of tiles and associated products, targeting the U commercial markets and serving homeowners, trade customers, architects, designers and contractors Topps Tiles stores, a commercial showroom in London and nine customer-facing websites: www.top www.parkside.co.uk, www.protilertools.co.uk, www.northantstools.co.uk, www.premiumtiletrim.co www.warmfloorstore.co.uk www.flooringmaterials.co.uk, www.tilewarehouse.co.uk and www.ctdtil Since opening its first store in 1963, Topps has maintained a simple operating philosophy - inspiring unrivalled product choice and providing exceptional levels of customer service. For further informa visit www.toppsgroup.com This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END TSTFZGGMVNDGKZM London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply. © 2025 London Stock Exchange plc. All rights reserved. 2025-01-08 13:28 Q1 Trading Update and CEO Succession - 07:00:01 08 Jan 2025 - TPT News article | London Stock Exchange https://www.londonstockexchange.com/news-article/TPT/q1-trading-update-and-ceo-succession/16841915 3/3