Topps Tiles – Positive 1H 15 results

Company: Topps Tiles (TPT LN)

QMG product view: POSITIVE (UK26.3 – Producers of ceramic tiles)

Event: 1H 15 Results – 19/05/15

Highlights:

o    1H Revenue: £104m (+6.4%)

o    Adjusted profit before tax: £9.1 million (+13.8%)

o    Like-for-like sales growth: +5.3%

QMGI comment:

An encouraging set of results from Topps Tiles (+10.4%), with the company reporting pre-tax profit growth of +13.8% and 1H revenue +6.4%. Like-for-like sales rose 5.3%, however this was considerably lower than the 10.2% growth reported the prior year. We highlighted recently that QMG data remains positive on UK producers of ceramic tiles – another beneficiary of the buoyant UK residential construction market, improving consumer confidence and higher disposable income. With 30% market share and 100% of revenue derived from the UK market, QMG’s product level data provides detailed insight into TPT’s sales and margins trends. Post 1H results, we still see upside to consensus sales forecasts and margins – we retain our positive view on TPT in our UK focus list.

 

Producers of ceramic tiles (UK26.3) – Price/Cost/volume

26.3

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