Shares climb after results from Leicestershire-based tile chain that recently bought Fired Earth brand
Topps Tiles has recorded its fifth consecutive quarter of sales growth, with new chief executive Alex Jensen celebrating the achievement of “significant milestones” in recent months.
The Leicestershire-based tile retailer reported a 2% increase in like-for-like sales for the Topps Tiles brand during its first quarter to December 27, with steady growth helping to counterbalance ongoing cost pressures, the company said.
Total group sales, excluding the CTD brand acquired in 2024, rose 3.7% year-on-year.
This performance saw the company outpace the wider market, though sales growth has moderated following Topps’ like-for-like growth of 5.3% in the year to September 27.
Shares climbed 2% in morning trading on Wednesday following the announcement.
Mr Jensen, who assumed the role of chief executive on December 8 after long-serving boss Rob Parker stepped down, said the group’s sales performance coincided with several key achievements during the first quarter, including the completion of the Competition and Markets Authority (CMA) disposal programme following its acquisition of CTD from administration in 2024.
CTD like-for-like sales increased 4.7% in the first quarter, and the group stated that completing the CMA process “provides a solid foundation to support the group’s plan to deliver a profit in CTD in the 2026 financial year”.
Last month, the firm also acquired the brand of failed competitor Fired Earth in a £3 million rescue deal after the Oxfordshire-based rival entered administration in October, leading to the closure of its 20 UK showrooms and 133 redundancies. Mr Jensen said: “The group continued to deliver growth in the first quarter across each of our existing businesses and delivered like-for-like growth in CTD stores, whilst achieving some significant milestones, including appointing an interim and permanent chief financial officer, closing the CMA process with CTD and acquiring Fired Earth assets.
“We are confident of delivering another year of progress both strategically and financially.”
Topps will operate 22 remaining CTD outlets, reduced from an initial 31, following a Competition and Markets Authority investigation that mandated the disposal of several stores.
The CTD division recorded losses in the previous financial year due to expenses associated with the CMA enquiry.
Topps posted a statutory pre-tax profit of £8.3 million for the year ending September, a substantial improvement from the £16.2 million pre-tax loss recorded the previous year.
