Topps Tiles shares bounce underneath new boss because it pushes clients to purchase on-line

Topps Tiles shares jumped on Wednesday after the retailer posted its latest trading update. 

Shares in the company rose 3.73 per cent or 1.66p to 46.16p in early trading, having climbed over 24 per cent in the past year, though they remain below historic highs. 

In a trading update the group said it enjoyed ‘record revenues’ in the 2025 financial year.  

During the 13 week period to 27 December, the group’s revenue grew 3.7 per cent year-on-year, excluding CTD, the trade-focused tile firm it snapped up in August 2024. Topps Tiles said this showed it was ‘outperforming the market.’ 

The business unveiled its fifth consecutive quarter of like-for-like sales growth in the update. 

The update was the first under the leadership of new chief executive, Alex Jensen, who formally took over in December following the retirement of long-serving boss Rob Parker. 

‘The question for investors is whether this is the start of a genuine transformation, or simply a well-timed refresh that has arrived too late’, Mark Crouch, a market analyst at eToro said. 

Digital push: Topps Tiles said online sales continued to grow, comprising 19.7% of total group revenue in the quarter

Topps Tiles said online sales continued to grow, comprising 19.7 per cent of total group revenue in the quarter, up from last year. 

The retailer said recent investment in its digital platforms was helping to boost customer engagement online, with a new trade-focused app on track to launch later this year.  

At its core Topps Tiles brand, like-for-like sales rose 2 per cent in the period, driven by a strong performance from trade customers, where revenues rose 3.7 per cent.

Like-for-like growth strips out the effect of new store openings or closures, giving a clearer picture of underlying demand.

Including CTD, group sales grew by 1.6 per cent in the period. 

CTD, which focuses on trade customers, is currently operating from 22 stores, down from 31 a year ago, following the disposal of sites required by the Competition and Markets Authority. The final store disposal was completed in December, bringing the regulatory process to an end.

Despite the smaller estate, the remaining CTD stores delivered like-for-like growth of 4.7 per cent in the quarter. 

Topps Tiles said the performance of CTD supported its aim of returning CTD to profit in the 2026 financial year.

In December 2025, Topps Tiles also acquired the Fire Earth brand IP, website and approximately £2.5million worth of stock. The Oxfordshire-based firm had tumbled into administration in October, resulting in the closure of its 20 showrooms and 133 job cuts. Topps Tiles said it paid around £3million to snap up the brand and assets in a rescue deal.

Jensen said on Wednesday: ‘The group continued to deliver growth in Q1 across each of our existing businesses and delivered like-for-like growth in CTD stores, whilst achieving some significant milestones, including appointing an interim and permanent CFO, closing the CMA process with CTD and acquiring Fired Earth assets. 

‘We are confident of delivering another year of progress both strategically and financially’.

Crouch, of eToro, said: ‘Guilty in the past of being a business that, like an old bathroom tile, refused to shift, Topps Tiles has enjoyed a mini-revival since mid-2025.

‘Shaking off a reputation for stubbornness the group is finally showing signs of innovation and ambition.’

He added: ‘Progress on the “Mission 365” digital push is particularly encouraging, online revenue reached 19.7 per cent of group sales in Q1 and the planned launch of the Topps Tiles Trade App in Q3 could further boost loyalty and lifetime value.

‘Trading momentum has been solid, with a fifth consecutive quarter of like-for-like growth and record revenues in 2025 hinting that management’s strategy may be gaining traction.

‘Yet scepticism lingers. The shares remain well below historic highs, while competitors have not stood still. Investors must ask whether Topps Tiles has waited too long to modernise, and whether this revival signals a genuine turnaround, or merely a decent patch in an increasingly competitive market.’