Topps Tiles, Kingfisher and Wickes Group Announce Trading Results

Published May 24, 2024

Topps Tiles plc announces its unaudited consolidated interim financial results for Q1, measuring the 26 weeks ended 30 March 2024, together with new financial goals and an updated strategy for growth in the medium term. The financial summary is as follows:

  • Group sales 5.8% lower year-on-year driven by lower footfall in Topps Tiles
  • Gross margin up 1.1 percentages points year-on-year, due to recovery in Topps Tiles gross margin
  • Adjusted operating costs £1.1 million lower year-on-year, driven by lower variable pay and savings
  • Adjusted profit before tax down £1.3 million due to sales decline
  • Statutory loss of £1.5 million stated after £3.1 million share purchase provision increase related to the Pro Tiler Limited earn out, reflecting the very strong performance of the business since acquisition in March 2024
  • Cash broadly flat year-on-year at £19.3 million and strong balance sheet maintained with £49.3 million of headroom to banking facilities (H1 2023: headroom of £49.9 million)
  • Interim dividend maintained at 1.2 pence per share

Kingfisher plc has published their Q1 Trading Results for the period ending 30 April 2024. The company reports Q1 sales of £3.3bn, accounting total sales +0.3% (constant currency) and -0.3% (reported) and LFL (like -0.9% including a +1.9% calendar impact (of which +1.1% relates to the leap year). In the UK & Ireland share gains at B&Q are supported by strong e-commerce and TradePoint sales, and there were share gains and positive LFL at Screwfix.

Wickes Group plc has published full year results for the 52 weeks to 30 December 2023, advising of robust sales performance with adjusted PBT ahead of market expectations. The financial highlights are as follows:

  • Total revenue of £1,553.8m in line with prior year (2022: £1,559.0m) reflecting LFL sales -0.3%
  • Strong productivity gains of £22m offsetting cost inflation (excl. energy) in line with guidance
  • Statutory profit before tax: £41.1m (2022 £40.3m)

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