Topps Tiles Plc (TPTJF) Q2 2026 Earnings Call Transcript

Operator

Good morning, and welcome to Topps Tiles Plc investor presentation. [Operator Instructions] Before we begin, I’d like to submit the following poll. I’d now like to hand over to Alex Jensen, CEO. Good morning.

Alexandra Jensen
CEO & Executive Director

Thank you, Lilly, and welcome, everyone, to the Topps interim update. I’m joined, of course, today by our Interim CFO, Rob Swales.

So to put these first half results into context, Mission 365 lays out an ambition to grow revenue 50% higher than the 2024 baseline and to deliver PBT margin of 8%. In 2025, we achieved 40% of this revenue ambition and 12% of our profit growth ambition.

In December, I laid out 6 priorities for the year, crucial to realizing this ambition. And I’m pleased to say that we’ve made significant progress against each. And to remind you, they were to increase focus on bottom line, to deliver trade growth, to accelerate digital, to increase sales excellence in Topps and to tackle the nonprofitable parts of the business.

And I’m going to talk to you about these in detail later in the presentation. But to summarize at a high level, we have increased our focus on profit. We continue to expand gross margin and have implemented 3 major self-help cost initiatives aimed at accelerating progress to 8% PBT margin.

On the top line, we have outperformed a softer RMI market. This has been underpinned by growth in trade, in digital and delivering sales excellence and new categories. We have also had a laser-like focus on improving the profit of our acquisitions with the loss on CTD more than halving and