Board Change • Jun 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CFO & Executive Director Caroline Browne was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 25
First half 2026 earnings released: EPS: UK£0.002 (vs UK£0.006 in 1H 2025) First half 2026 results: EPS: UK£0.002 (down from UK£0.006 in 1H 2025). Revenue: UK£142.6m (flat on 1H 2025). Net income: UK£343.0k (down 71% from 1H 2025). Profit margin: 0.2% (down from 0.8% in 1H 2025). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Declared Dividend • May 22
First half dividend increased to UK£0.01 Dividend of UK£0.01 is 25% higher than last year. Ex-date: 4th June 2026 Payment date: 10th July 2026 Dividend yield will be 9.4%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is not covered by earnings (113% earnings payout ratio). However, it is well covered by cash flows (25% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 25% to bring the payout ratio under control. EPS is expected to grow by 122% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. New Risk • May 21
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Dividend is not well covered by earnings (113% payout ratio). Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (UK£67.6m market cap, or US$90.8m). Announcement • Dec 18
Topps Tiles Plc, Annual General Meeting, Jan 15, 2026 Topps Tiles Plc, Annual General Meeting, Jan 15, 2026. Location: the marriott hotel, smith way, grove park, leicester, le19 1sw, United Kingdom Announcement • May 22
Topps Tiles plc Declares Interim Dividend for the Period of 26 Weeks Ended 29 March 2025, Payable on 11 July 2025 Topps Tiles Plc declared an interim dividend of 0.80 pence (2024: 1.20 pence) per ordinary share has been declared for the period of 26 weeks ended 29 March 2025. The shares will trade ex-dividend on 5 June 2025 and the dividend will be paid on 11 July 2025. The Board expects to continue to apply its dividend policy at the full year and therefore maintain full year dividend payments at a level which is at least consistent with Fiscal Year 2024. Announcement • Jan 09
Rob Parker Intends to Retire as CEO of Topps Tiles plc Topps Tiles Plc announced that following an extended period of consideration, Rob Parker, CEO, has notified the Board of his intention to retire from the business after 18 years with the Group. Rob joined the Group in 2007 and served as CFO for 12 years before becoming CEO in 2019. The Nominations Committee has therefore activated its succession plan and, with the support of external consultants, has commenced the search process for a new Chief Executive Officer. Rob will remain in post until an appropriate successor has been appointed, to ensure an orderly transfer of responsibilities, which is expected to be towards the end of 2025. Announcement • Jan 06
Topps Tiles Plc to Report First Half, 2025 Results on May 20, 2025 Topps Tiles Plc announced that they will report first half, 2025 results on May 20, 2025 Announcement • Dec 16
Topps Tiles Plc, Annual General Meeting, Jan 15, 2025 Topps Tiles Plc, Annual General Meeting, Jan 15, 2025. Location: the marriott hotel, grove park, smith way, leicester, le19 1sw, United Kingdom Announcement • Oct 02
Topps Tiles Plc to Report Fiscal Year 2024 Results on Nov 26, 2024 Topps Tiles Plc announced that they will report fiscal year 2024 results on Nov 26, 2024 Announcement • Sep 20
Topps Tiles plc Announces Board Changes, Effective on October 1, 2024 Topps Tiles Plc announced the appointment of Martin Payne as an independent non-executive director and Audit Committee Chair Designate. Martin will join the board of directors of Topps Group on 1 October 2024 and will succeed Keith Down as Audit Committee Chair at the AGM in January 2025, at which point Keith will retire from the Board after having served his term under the UK Corporate Governance Code. Martinbrings over 35 years of experience as an executive and non-executive in both private and public businesses. A qualified management accountant, Martin served as CFO and CEO of Genuit Group plc, the FTSE250 building materials group, retiring in May 2022. Prior to that he was CFO of Norcros plc where he gained experience of tile retailing and manufacturing in UK and South Africa. Martin is currently a non-executive director of Stelrad Group plc, Europe's largest radiator manufacturer, where he is Chair of the Audit Committee. He is also a non-executive director of Churchill China plc, the AIM listed international tableware manufacturer, where he is Audit Committee chair and SID. Previously, Martin also spent two years as Chair of the Construction Products Association, the trade association representing UK building materials manufacturers. New Risk • Apr 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£79.7m (US$98.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (220% payout ratio). Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (UK£79.7m market cap, or US$98.5m). Buy Or Sell Opportunity • Mar 11
Now 20% overvalued Over the last 90 days, the stock has fallen 6.1% to UK£0.45. The fair value is estimated to be UK£0.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 40% per annum over the same time period. Announcement • Dec 21
Topps Tiles Plc, Annual General Meeting, Jan 18, 2024 Topps Tiles Plc, Annual General Meeting, Jan 18, 2024, at 09:30 Coordinated Universal Time. Location: Marriott Hotel, Smith Way, Grove Park, Leicester United Kingdom Upcoming Dividend • Dec 14
Upcoming dividend of UK£0.024 per share at 7.2% yield Eligible shareholders must have bought the stock before 21 December 2023. Payment date: 02 February 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.2%. Within top quartile of British dividend payers (6.0%). Higher than average of industry peers (3.1%). Reported Earnings • Nov 29
Full year 2023 earnings released: EPS: UK£0.016 (vs UK£0.046 in FY 2022) Full year 2023 results: EPS: UK£0.016 (down from UK£0.046 in FY 2022). Revenue: UK£262.7m (up 6.3% from FY 2022). Net income: UK£3.21m (down 64% from FY 2022). Profit margin: 1.2% (down from 3.6% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Nov 29
Topps Tiles plc Proposes Final Dividend, Payable on 2 February 2024 Topps Tiles Plc proposed a final dividend of 2.4 pence, bringing the full year dividend to 3.6 pence, in line with last year and representing 80% of adjusted earnings per share. The shares will trade ex-dividend on 21 December 2023 and, subject to approval from shareholders at the Annual General Meeting in January 2024, the dividend will be payable on 2 February 2024. Announcement • Nov 21
Topps Tiles plc Announces Board Changes Topps Tiles Plc announced the appointment of Denise Jagger as an independent non-executive director, Senior Independent Director Designate and Chair of the Sustainability Committee of the Company. Denise will join the board of directors of Topps Group (the "Board") on 1 February 2024 and will succeed Keith Down as Senior Independent Director at the AGM in January 2025, at which point Keith will retire from the Board after having served his term under the UK Corporate Governance Code. Denise is an experienced non-executive director, with a track record in non-executive roles, in both public and private businesses, stretching over 25 years. She is currently a non-executive director at Reach and CLS Holdings, and was previously a non-executive at Redrow, SCS Upholstery and Scarborough Building Society. Denise was also a non-executive director and SID at Bellway and Pool Re, having retired from the latter in September 2023. Denise is currently Senior Independent Director at Reach. A qualified solicitor, she was previously Company Secretary and General Counsel at Asda Walmart and is currently a Trustee of the National Trust and the recently retired Chair of the University of York. Announcement • Nov 10
Topps Tiles Plc to Report Fiscal Year 2023 Results on Nov 28, 2023 Topps Tiles Plc announced that they will report fiscal year 2023 results on Nov 28, 2023 Upcoming Dividend • Jun 01
Upcoming dividend of UK£0.012 per share at 6.9% yield Eligible shareholders must have bought the stock before 08 June 2023. Payment date: 14 July 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.9%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (3.1%). Reported Earnings • May 24
First half 2023 earnings released: EPS: UK£0.003 (vs UK£0.021 in 1H 2022) First half 2023 results: EPS: UK£0.003 (down from UK£0.021 in 1H 2022). Revenue: UK£130.3m (up 9.3% from 1H 2022). Net income: UK£482.0k (down 89% from 1H 2022). Profit margin: 0.4% (down from 3.5% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • May 23
Topps Tiles plc Declares Interim Dividend for First Half Year of 2023 Payable on 14 July 2023 Topps Tiles Plc announced an interim dividend of 1.20 pence (2022: 1.00 pence) per ordinary share has been declared. The shares will trade ex-dividend on 8 June 2023 and the dividend will be paid on 14 July 2023. Announcement • May 19
Topps Tiles plc Appoints Paul Forman as an Independent Non-Executive Director and Chair Designate of the Company Topps Tiles Plc announced the appointment of Paul Forman as an independent non-executive director and Chair Designate of the Company. As detailed in the 2022 Annual Report, Darren Shapland is now in his ninth year as Chair and, therefore, nearing the end of his maximum term under the UK Corporate Governance Code. To this end, the Nominations Committee, led by Keith Down, the Company's Senior Independent Director, commenced a Chair succession plan which has now been successfully concluded with the appointment of Paul Forman. Paul will join the board of directors of Topps (the "Board") on 1 July 2023, to allow for an orderly transition of responsibilities, and he will succeed Darren Shapland as Chair at the start of the Company's new financial year on 1 October 2023, at which point Darren will retire from the Board. Paul is an experienced director of both listed and private equity-backed businesses, gained in a variety of executive and non-executive roles. His experience includes chief executive roles at three FTSE250 businesses: Essentra PLC, Coats Group PLC and Low & Bonar PLC. He is also a former non-executive director of Brammer PLC.He is currently Senior Independent Director at Tate & Lyle PLC and Chair Designate at FSI, the private equity-backed flavours and fragrances business. Announcement • May 14
Topps Tiles Plc to Report First Half, 2023 Results on May 23, 2023 Topps Tiles Plc announced that they will report first half, 2023 results on May 23, 2023 Upcoming Dividend • Dec 16
Upcoming dividend of UK£0.026 per share Eligible shareholders must have bought the stock before 22 December 2022. Payment date: 03 February 2023. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 7.3%. Within top quartile of British dividend payers (5.6%). Higher than average of industry peers (3.0%). Announcement • Dec 07
Topps Tiles Plc, Annual General Meeting, Jan 18, 2023 Topps Tiles Plc, Annual General Meeting, Jan 18, 2023. Agenda: To discuss Darren Shapland be removed from office as a director of the Company and from the position of Non-Executive Chairman of the Company with immediate effect; to discuss Lidia Wolfinger having consented to act, be appointed as a non-executive director of the Company; and to discuss Michael Bartusiak having consented to act be appointed as a non-executive director of the Company. Reported Earnings • Nov 30
Full year 2022 earnings released: EPS: UK£0.046 (vs UK£0.056 in FY 2021) Full year 2022 results: EPS: UK£0.046 (down from UK£0.056 in FY 2021). Revenue: UK£247.2m (up 8.4% from FY 2021). Net income: UK£9.01m (down 17% from FY 2021). Profit margin: 3.6% (down from 4.8% in FY 2021). The decrease in margin was driven by higher expenses. Like-for-like sales growth: 9.4% vs FY 2021 Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Chairman Darren Shapland was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Aug 23
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be UK£0.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Jun 02
Upcoming dividend of UK£0.01 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of British dividend payers (4.9%). Higher than average of industry peers (3.0%). Reported Earnings • May 25
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down UK£3.04m from profit in 1H 2021). Profit margin: (down from 2.9% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to stay flat compared to a 11% growth forecast for the industry in the United Kingdom. Board Change • Apr 29
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Chairman Darren Shapland was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Dec 16
Upcoming dividend of UK£0.031 per share Eligible shareholders must have bought the stock before 23 December 2021. Payment date: 31 January 2022. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 4.7%. Within top quartile of British dividend payers (4.2%). Higher than average of industry peers (1.7%). Reported Earnings • Dec 03
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: UK£0.056 (up from UK£0.041 loss in FY 2020). Revenue: UK£228.0m (up 18% from FY 2020). Net income: UK£10.9m (up UK£18.8m from FY 2020). Profit margin: 4.8% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Like-for-like sales growth: 19.6% vs FY 2020 Revenue missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 2.3%, compared to a 11% growth forecast for the retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Executive Departure • Jun 19
Independent Non-Executive Director Claire Tiney has left the company On the 16th of June, Claire Tiney's tenure as Independent Non-Executive Director ended after 9.6 years in the role. As of March 2021, Claire still personally held only 15.48k shares (UK£10k worth at the time). Claire is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.29 years. Reported Earnings • May 22
First half 2021 earnings released: EPS UK£0.016 (vs UK£0.015 loss in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: UK£103.2m (down 2.8% from 1H 2020). Net income: UK£3.04m (up UK£5.96m from 1H 2020). Profit margin: 2.9% (up from net loss in 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 13
New 90-day high: UK£0.67 The company is up 20% from its price of UK£0.56 on 11 December 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.44 per share. Is New 90 Day High Low • Feb 09
New 90-day high: UK£0.66 The company is up 49% from its price of UK£0.44 on 10 November 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.48 per share. Is New 90 Day High Low • Jan 23
New 90-day high: UK£0.60 The company is up 30% from its price of UK£0.47 on 21 October 2020. The British market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.46 per share. Is New 90 Day High Low • Jan 06
New 90-day high: UK£0.58 The company is up 21% from its price of UK£0.48 on 08 October 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.47 per share. Reported Earnings • Dec 02
Full year 2020 earnings released: UK£0.041 loss per share The company reported a poor full year result with weaker earnings, revenues and control over expenses. Full year 2020 results: Revenue: UK£192.8m (down 12% from FY 2019). Net loss: UK£7.97m (down 179% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 63% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Dec 02
Revenue beats expectations Revenue exceeded analyst estimates by 0.9%. Over the next year, revenue is forecast to grow 10%, compared to a 3.6% growth forecast for the Specialty Retail industry in the United Kingdom. Is New 90 Day High Low • Dec 01
New 90-day high: UK£0.57 The company is up 11% from its price of UK£0.51 on 01 September 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Specialty Retail industry, which is also up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.13 per share. Announcement • Dec 01
Topps Tiles plc Proposes No Final Dividend for the 52 Weeks Ended 26 September 2020 Topps Tiles Plc announced that due to the ongoing uncertainty in the wider environment, the Directors have not proposed a final dividend for the period ended 26 September 2020. Announcement • Nov 27
Topps Tiles plc Announces Board Changes Topps Tiles Plc announced that On 20 January 2021, on conclusion of the AGM, Andy King will step down from the Board as Non-executive Director ("NED") and designated NED for employee engagement, having served nine years. On 20 January 2021, on conclusion of the AGM, Andy King will step down from the Board as Non-executive Director ("NED") and designated NED for employee engagement, having served nine years. On 1 February 2021 Diana Breeze will join the Board as Non-executive Director. On 1 April 2021 Kari Daniels will join the Board as Non-executive Director. On 31 July 2021 Claire Tiney will step down from the Board as Non-executive Director and Chair of the Remuneration Committee, having served nine years. With effect from 20 January 2021 Keith Down, Non-executive Director, will become Senior Independent Director, in addition to his role as Chair of the Audit Committee. Kari Daniels will become designated NED for employee engagement with effect from 1 April 2021 (Claire Tiney will hold this position on an interim basis from the AGM until Kari is in post). Diana Breeze will become Chair of the Remuneration Committee with effect from 1 August 2021. Diana Breeze is an experienced HR Director, with broad experience across the retail and consumer, logistics and property sectors. Since 2019 she has been Group HR Director at Bunzl and has previously held senior management positions with Land Securities, J Sainsbury and Accenture. Kari Daniels is an experienced retail and consumer sector CEO. Currently CEO of Tesco Ireland, Kari joined Tesco in 2002 and has held a number of commercial and marketing directorships across Tesco Europe and Tesco UK. Prior to Tesco Kari held senior management positions at Johnson Wax, Wella and Superdrug. Announcement • Sep 30
Topps Tiles Plc Announces Appointment of Stephen Hopson as Chief Financial Officer, Effective from 2 November 2020 Topps Tiles Plc announced that Stephen Hopson joins the Board as Chief Financial Officer on 2 November 2020. An experienced finance professional, Stephen has a strong track record across both consumer and trade facing markets, having held senior finance roles at Molson Coors, BSS, Travis Perkins and Mitchells & Butlers. 