olivLaw · European equity research
Topps Tiles Plc TPT.L
United Kingdom · London Stock Exchange · ISIN GB00B18P5K83 · Vertical: Listed companies from United Kingdom
Topps Tiles Plc is the UK's leading tile specialist, serving trade professionals and homeowners through stores, online platforms and direct sales. In fiscal 2025 the group reported adjusted revenue of £265.4 million, and its Mission 365 goal targets £365 million in sales over the medium term. The current relevance lies in restoring profitability in a renovation market that remains weak.
At the close of 06 Nov 2026, Topps Tiles Plc (TPT.L) stock was 0.35 GBP (+0.00% on the day), with market capitalisation 68.7 m GBP, P/E 11.6 on diluted EPS of 0.03 GBP over the last 12 months, dividend yield 5.71%, beta 0.19, 52-week range 0.32–0.50 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.9
- neutral
- Bollinger (20, 2)
- 0.33 – 0.37
- in the upper half of the band · %B 0.51 · band width 9.0%
- SMA 50 / 200
- 0.35 / 0.36
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.7% | −0.2% | +1.9 pp | — |
| 3 months | −3.0% | −5.4% | +2.4 pp | — |
| 6 months | −1.7% | +4.4% | −6.1 pp | — |
| Year to date | −12.5% | +6.5% | −19.0 pp | — |
| 1 year | −2.8% | +10.0% | −12.7 pp | +3.7% |
| 3 years | −29.1% | +48.6% | −77.7 pp | +24.5% |
| 5 years | −42.8% | +41.4% | −84.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 11.3, median 20.7, max 30.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 262.7 m | 251.8 m | 295.8 m |
| Revenue YoY | unavailable | −4.2% | +17.5% |
| Net income | 3.2 m | -13.0 m | 6.0 m |
| Net income YoY | unavailable | −506.5% | unavailable |
| Diluted EPS | 0.02 | -0.07 | 0.03 |
| Diluted EPS YoY | unavailable | −511.8% | unavailable |
| net % | 1.2% | -5.2% | 2.0% |
| Free cash flow | 33.2 m | 19.6 m | 18.8 m |
Balance sheet & financial health
Fiscal year 2025 · 27 Sept 2025
- Cash
- 18.4 m GBP
- Financial debt
- 11.0 m GBP
- Net debt
- -7.4 m GBP
- Equity
- 7.7 m GBP
- Total assets
- 187.9 m GBP
- Debt / equity
- 1.42x
- Current ratio
- 0.97x
- ROE
- 90.0%
- ROA
- 3.4%
- FCF margin
- 6.4%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 262.7 m | 251.8 m | 295.8 m | esef· 27 Jan 2026verified |
| Cost of revenue | 123.5 m | 117.4 m | 141.4 m | esef· 27 Jan 2026verified |
| Gross profit | 139.2 m | 134.3 m | 154.3 m | esef· 27 Jan 2026verified |
| Operating income | 11.1 m | -11.4 m | 15.3 m | esef· 27 Jan 2026verified |
| Interest expense | 4.7 m | 5.5 m | 7.3 m | esef· 27 Jan 2026verified |
| Pre-tax income | 6.8 m | -16.2 m | 8.3 m | esef· 27 Jan 2026verified |
| Income tax | 2.9 m | -3.4 m | 2.3 m | esef· 27 Jan 2026verified |
| Net income | 3.2 m | -13.0 m | 6.0 m | esef· 27 Jan 2026verified |
| Diluted EPS | 0.02 | -0.07 | 0.03 | esef· 27 Jan 2026verified |
| Dividend per share | 0.04 | 0.04 | 0.02 | esef· 27 Jan 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 23.4 m | 23.7 m | 18.4 m | esef· 27 Jan 2026verified |
| Receivables | 5.3 m | 13.4 m | 18.0 m | esef· 27 Jan 2026verified |
| Inventories | 36.4 m | 38.1 m | 40.6 m | esef· 27 Jan 2026verified |
| Current assets | 65.4 m | 76.3 m | 79.3 m | esef· 27 Jan 2026verified |
| Property, plant & equipment, net | 19.3 m | 17.3 m | 16.8 m | esef· 27 Jan 2026verified |
| Goodwill | 2.1 m | 6.0 m | 5.5 m | esef· 27 Jan 2026verified |
| Intangibles (excl. goodwill) | 4.8 m | 6.5 m | 5.7 m | esef· 27 Jan 2026verified |
| Total assets | 174.4 m | 167.0 m | 187.9 m | esef· 27 Jan 2026verified |
| Accounts payable | 45.1 m | 57.5 m | 64.4 m | esef· 27 Jan 2026verified |
| Long-term debt | 0 | 15.0 m | 11.0 m | esef· 27 Jan 2026verified |
| Current liabilities | 66.9 m | 72.8 m | 81.4 m | esef· 27 Jan 2026verified |
| Total liabilities | 148.0 m | 161.4 m | 180.2 m | esef· 27 Jan 2026verified |
| Equity | 26.4 m | 5.6 m | 7.7 m | esef· 27 Jan 2026verified |
| Shares outstanding at year end | 196.7 m | 196.6 m | 196.3 m | esef· 27 Jan 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 37.2 m | 23.8 m | 23.7 m | esef· 27 Jan 2026verified |
| Capex | 4.0 m | 4.2 m | 4.8 m | esef· 27 Jan 2026verified |
| Free cash flow | 33.2 m ≈ | 19.6 m ≈ | 18.8 m ≈ | esef· 27 Jan 2026derived |
| Investing cash flow | -3.6 m | -12.9 m | -4.7 m | esef· 27 Jan 2026verified |
| Financing cash flow | -26.5 m | -10.5 m | -24.2 m | esef· 27 Jan 2026verified |
| Dividends paid | 7.5 m | 8.2 m | 3.9 m | esef· 27 Jan 2026verified |
| Share repurchases | 0 | 105.0 k | 127.0 k | esef· 27 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 68.7 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.0% | 26 (vs peers) | 12% |
| FCF conversion · Quality | 314.4% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.1x | 9 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.0x | 15 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 11.6x | 72 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 27.4% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 5.9% | 84 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 20.9% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet11/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns91/100 · 2/2 factors with a value
- Valuation85/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TOPPS TILES PLC (TPT.L). Latest full fiscal year: 2025; data up to 2025-09-27.
Figures computed from the financial statements: revenue 295.8 m GBP in 2025; YoY growth 17.5%; net margin 2.0%; ROE 90.0%.
The estimated value range is 0.33–0.52 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 0.43 GBP, the price of 0.35 GBP leaves a potential of 22.0% (value / price − 1) and a margin of safety of 18.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 314.4%
- P/E (TTM): 11.6x
- FCF yield: 27.4%
- Shareholder yield (distributions): 5.9%
- Payout ratio (FCF): 20.9%
What contradicts it
- Net margin: 2.0%
- Interest coverage: 2.1x
- Current ratio: 1.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 101.0 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
| AML.LAston Martin Lagonda Global Holdings PLC | 341.3 m | — | -93.4% | -39.2% | −20.6% | −46% / −85% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| TPT.LTopps Tiles PLC | 68.7 m | 11.6 | 90.0% | 2.0% | +17.5% | −13% / −22% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +61% / +64% |
1- and 3-year price returns: for TPT.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.23 Total return -29% · Per year -29% | 0.41 Total return 23% · Per year 23% | 0.61 Total return 83% · Per year 83% |
| 3 years | 0.27 Total return -5% · Per year -2% | 0.54 Total return 77% · Per year 21% | 0.88 Total return 181% · Per year 41% |
| 5 years | 0.33 Total return 23% · Per year 4% | 0.71 Total return 149% · Per year 20% | 1.27 Total return 322% · Per year 33% |
- Exit P/E± 0.13
- Net margin± 0.09
- Annual revenue growth± 0.07
- Annual dilution± 0.01
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Topps Tiles Plc is the UK's leading tile specialist, serving trade professionals and homeowners through stores, online platforms and direct sales. In fiscal 2025 the group reported adjusted revenue of £265.4 million 1, and its Mission 365 goal targets £365 million in sales over the medium term 1. The current relevance lies in restoring profitability in a renovation market that remains weak.
SWOT
Strengths
- The group has a national network of stores and depots that gives it coverage other UK distributors lack, according to the report 1.
- Exclusive access to a large share of its products and long-standing supplier relationships support differentiation 1.
- The brand portfolio covers several customer segments, from homeowners to contractors and developers 1.
Weaknesses
- Sales growth slowed at the start of fiscal 2026, and homeowner demand remains sensitive to consumer confidence 1.
- Net margins and adjusted profitability are still below the stated targets, and CTD carried costs and store disposal requirements 1.
- Dependence on the UK renovation market and on property transactions exposes the group to that market's cycles 1.
Opportunities
- Expansion into new flooring and surfacing categories such as vinyl and laminate could enlarge the addressable market 1.
- Growth in digital sales and the B2B channel could improve margins if servicing costs fall 1.
- The Fired Earth acquisition could open a premium segment and new online channels if integration succeeds 1.
Risks
- Weak consumer demandhigh
Consumer confidence remains negative, and if this persists, renovation sales could stay below expectations 1.
- Leadership changemedium
The move to a new chief executive and the appointment of a new finance director could bring a period of adjustment in executing the strategy 1.
- Integration of acquisitionsmedium
Integrating CTD and the Fired Earth brand could create operational or financial difficulties if synergies do not materialise 1.
- Dependence on the UK marketmedium
The group's activity is concentrated in the United Kingdom, so local economic developments could affect results more than at geographically diversified competitors 1.
- Supply chainlow
Global sourcing and reliance on external suppliers could lead to delays or cost increases if conditions in source markets change 1.
Investment thesis
What would need to be true (bull case)
- If the group reaches its Mission 365 goal and converts sales into profit, the improvement in profitability could support renewed investor interest 1.
- Its position as the leading national specialist, with a store network and several brands, could give it share advantages in a fragmented market 1.
- A wider addressable market and digitalisation could generate further growth if new categories and channels perform 1.
What would break the thesis
- If consumer confidence does not improve, renovation demand could remain weak and could prevent the profit targets from being reached 1.
- Integrating several acquisitions at once could reduce operating efficiency and pressure margins 1.
- Competition from online platforms and DIY chains could limit price increases and margin expansion 1.
What to watch
- Like-for-like sales trend and consumer confidenceQ1 2026
- CTD progress towards profitability and completion of store disposals2026
- Integration of the Fired Earth brand and its effect on the digital channel2026
- Share of digital and trade sales in annual resultsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group operates five primary brands, including Topps Tiles, CTD, Pro Tiler Tools, Parkside and Tile Warehouse, covering different customer segments and sales channels. Roughly 75% of sales go to trade customers, according to the annual report 1. Its model combines a store network, its own distribution and digital commerce, with 297 Topps Tiles stores and 22 CTD stores 1.
The group was expanded through the acquisition of CTD in August 2024 and the purchase of Pro Tiler Tools, widening its customer base to builders, contractors and housebuilders. In November 2025 it acquired the Fired Earth brand, adding a premium brand and a digital asset 1. Leadership is changing, with a new chief executive taking full responsibility in December 2025 1.
The company runs its own supply chain with central warehouses in Leicester and Northampton, and it has set a goal of becoming carbon neutral in Scopes 1 and 2 by 2030 1. Its dividend policy sets a core level of 67% of adjusted earnings per share, rising to up to 100% in periods of macroeconomic weakness 1.
Segments
Topps Tiles (omni-channel)
The main brand, with a physical store network, an online platform and services for trade professionals and homeowners, makes up most of the group's core activity 1. Sales in 2025 grew on the back of trade demand, with total group sales of £295.8 million 1.
CTD and Parkside (commercial)
CTD serves trade, commercial and housebuilder customers, while Parkside focuses on commercial projects where specifications are often shaped by architects and designers 1. CTD was integrated into the group after its 2024 acquisition and is seen by management as a growth channel in new-build construction 1.
Pro Tiler Tools and Tile Warehouse (online)
Pro Tiler Tools is an online pure play serving trade tilers, while Tile Warehouse targets budget-conscious homeowners on smaller renovations 1. These brands represent the fastest-expanding channels, and management says they could keep gaining share as they scale 1.
Market context
The company estimates the UK tile market at about £700 million at customer selling prices, and the wider addressable market, including vinyl, laminate and shower panels, at £2.1 billion per year 1. Residential demand depends on house sales and transactions, which have had mixed trends in recent years 1.
Trends
- Digitalisation of salestailwind
Rising digital penetration, particularly among trade customers, could reduce servicing costs and widen the customer base if new platforms such as the trade app are adopted widely 1.
- Consumer confidenceheadwind
Consumer confidence has remained negative and sales growth slowed in the first weeks of fiscal 2026, which could delay homeowner spending on renovations 1.
- House pricesmixed
Rising house prices can make homeowners feel more affluent and more willing to spend on their homes, but the effect depends on transactions and mortgage approvals, which have been uneven 1.
- Age of the housing stocktailwind
The UK housing stock is older than in other European markets, which supports long-term demand for repairs and upgrades, although investment has lagged 1.
Competitive position
The tile market is served by regional distributors and specialist retailers, and the commercial segment has few scale competitors, each specialising in areas such as transport, restaurants or offices 1. The company differentiates itself through national coverage, exclusive products for around 75% of its range and customer service 1.
Online competition comes from pure-play digital retailers, and the group's advantage lies in combining stores with a digital channel, which lets it serve both store visitors and online buyers 1.
- Regional tile retailers
Local or regional tile businesses, described in the report as fragmented and specialised by segment.
- Specialist commercial distributors
Smaller suppliers focused on sectors such as transport, restaurants or offices in the commercial segment.
- Online pure-play materials retailers
Digital platforms selling building and finishing products, including tiles, to consumers or professionals.
- DIY and home improvement chains
General DIY retailers competing for homeowner renovation spending.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202527 Jan 2026
- Annual report 202527 Jan 2026
- Annual report 202421 Jan 2025
- Annual report 202421 Jan 2025
Sources
- [1] Annual report, fiscal year ended 2025-09-27 (ESEF) · SEC / Topps Tiles Plc · 27 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.