Business
First Half Trading Update
First Half Trading Update.
About this update from Topps Tiles Plc
[{"type":"text","content":"\n\n \n2 April 2025\nTopps Tiles Plc\n \nFirst Half Trading Update\n \nAccelerating LFL sales growth in Q2; strong progress on Trade and Digital\n \n \nTopps Tiles Plc (\"Topps Group\", or the \"Group\"), the UK's leading tile specialist, announces a trading update for the 26-week period ended 29 March 2025.\n \nGroup sales (excluding CTD1) in the first half were £127.7 million2, 4.0% higher than the previous year, with underlying sales growth3 in the second quarter of 4.4% after adjusting for the timing of holiday periods, up from 3.3% underlying growth3 in the first quarter. While trading through January was slower, volumes began to build progressively thereafter, with this improving trend culminating in a strong performance in March, when the Group's underlying sales3 (excluding CTD) increased by a high single digit percentage compared to the previous year.\n \nUnderlying like-for-like sales3 within the Topps Tiles brand were 3.7% higher year-on-year in the second quarter and like-for-like sales were 3.0% higher in the first half overall. While homeowner sales remain subdued, trade sales within Topps Tiles were strong and progress with our digital initiatives continued at pace, in line with our 'Mission 365' growth strategy. Total trade sales in the Topps Tiles brand were 12% higher year on year in the first half, with the number of active traders at the end of the period up 11% year on year to 146,000. Sales made through Topps Tiles' digital channels were up 15% in the first half, and online trade traffic was up approximately four-fold. Strategically, the brand continued to make good progress with the development of its new customer engagement platform and trade app, which will launch in 2025 and 2026 respectively.\n \nSales in Pro Tiler Tools and Tile Warehouse continued to grow strongly year on year. \n \nThe Group's focus on rebuilding profitability, including a review of product pricing, product mix and discount structures has, in recent weeks, delivered a strong improvement in gross margins, despite the continued increases in trade mix.\n \nThe Group also made good progress with its other 'Mission 365' growth initiatives, with additional category extensions, including the in-store launch of splashbacks and acoustic panels, and increasin...