In a trading update for the 26-week period ended 28 March 2026, Topps Tiles plc reports that total Group revenue for the first half was £142.7m, which is 0.1% lower year-on-year, having been impacted by volume loss from the lengthy CMA process in CTD. Group revenue (excluding CTD) grew year-on-year by 2.1%, although following a robust first quarter, revenue growth in the second quarter moderated slightly but remained positive at 0.6%. The business continues to outperform the wider market, which declined by approximately -2.5% over the equivalent half-year period, based on data from the Barclays UK Consumer Spend Report for Home Improvements & DIY. Topps Tiles delivered like-for-like revenue growth of 0.1% in the first half.
In light of the softer Home Improvements & DIY market, and to offset Government and macro-driven cost inflation, the Group has begun rolling out a series of self-help measures to continue driving sustainable profit growth in the medium term. These include cost-saving interventions to increase efficiencies at head office and across the store portfolio, including the closure of 23 underperforming stores across the financial year. The Group expects this will reduce overall Topps Tiles revenue but improve profitability through sales transference and cost reduction. Savings are expected to be weighted toward the second half of the year and aim to underpin in-year profit as well as provide sustainable profit improvement.
Topps’ digital and data strategy has advanced, with online revenue (including CTD) rising to 21.0%, an increase of 2.0ppts versus full year 2025 and 3.3ppts versus first half last year. The first half also saw positive results from the new customer engagement platform, the launch of live stock visibility in Topps Tiles and a new transactional website for CTD. Topps Group states that the Trade App remains on track to launch in April 2026 and the system modernisation rollout, including new tills and an ERP upgrade, began in March 2026.
The Group’s online brands have continued to perform strongly, with Pro Tiler delivering revenue growth of over 21% year on year. Fired Earth has reportedly traded well since acquisition, already delivering a positive profit in the first half, with further growth expected in the second half.
Commenting on the statement, Chief Executive Alex Jensen, said: ‘Topps continues to outperform a softer market. In light of subdued consumer sentiment and geopolitical uncertainty as well as the cumulative impact of cost inflation, the management team is implementing a targeted programme of self-help measures weighted towards the second half. These actions are designed to support year on year profit growth and provide a stronger financial platform for 2027 and beyond.’
The Group will publish its first half-year interim results on 19th May 2026.
