Topps Tiles (TPT)

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Topps Tiles TPT Logo

The UK’s largest tile specialist.

4-Oct-2017

Trading Update For The 52 Weeks Ended September 2017 – Bit of a miss here and a mild profit warning with PBT due to be “at the lower end of the current range of market expectations” – But no mention of what this is – Arggggggghhh!

Seems like this update is not going to do much for the share price this morning!

28-Nov-2017 – 60.75p – £116.9m – PER 8.5

Final Results For The 12 Months To End September 2017 – Don’t like the look of this much – Highlights, Revenue down slightly, PBT down 15% (£17m), Final Dividend cut 8% and Net Debt also increased.

I can’t see any attraction here.

9-Jan-2018 – 80p – £154.5m – PER 11.0

Q1 Trading Update – LFL Revenue up 3.4%.

With Revenue forecast to be £218.2m this year, based on £211.8m last time, this seems in-line. I still don’t see any attraction here although some may welcome the well covered yield, circa 4.5%.

4-Apr-2018 – 80.5p – £151.0m – PER 11.0

Trading Update For The 6 Months To End March 2018 – LFL Revenue up 0.6%. Market remainschallenging and CEO is cautious regarding the rest of the year.

Still seems kind of in-line here and the well covered yield, circa 4.5%, is attractive. But, it may become a lot more attractive at a lower price than today, I’m on the side-lines for now.

22-May-2018 – 69p – £133.5m – PER 10.1

Results For The 6 Months To End March 2018 – LFL for the 7 weeks to 19 May 2018 down 0.2% (2017: decreased by 5.8%), expecting FY PBT to be within the current range of market expectations.

Improvement, LFL is down but not as much as a year ago and is it fair to guess FY PBT will be at the bottom of market expectations? The Dividend is attractive here but not attractive enough for me – Yet.

4-Jul-2018 – 63p – £121.9m – PER 9.25

Trading Update For The 13 Week Period To 1 July 2018 – LFL Revenue down 2.3% – This seems not to be below forecasts (which seems to be a slight FY increase).

I will remain on the side-lines (Neutral) here.

3-Oct-2018 – 62.7p – £123.2m – PER 9.93

Trading Update For The 52 Weeks To 29th September 2018 – Flat Revenue with FY Adjusted PBT to be slightly ahead of top end current expectations (£14.6m – £15.2m).

The yield could be tempting to some but I will remain Neutral as I don’t see much more than a pedestrian growth opportunity here at present.

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