Topps tiles CEO announces retirement; sales grow

Investing.com -- Topps Tiles in a stock exchange filing on Wednesday said that Rob Parker, its Chief Executive Officer, would retire following an 18-year tenure, of which five years were as CEO. 

Parker plans to remain in his position until a successor is appointed, which is expected towards the end of 2025. 

The Nominations Committee has initiated a succession plan and begun the search for a new CEO. 

Additionally, the company also reported a 4.6% year-on-year increase in total sales, excluding contributions from CTD, which remains under a Competition and Markets Authority review. 

Like-for-like sales grew by 3.3% on an underlying basis. The company credited its growth to improved trade revenues, strong digital performance, and the expansion of its Pro Tiler Tools business. 

The company also reported a sharp increase in online activity, with organic traffic up 13% and sales transacted online rising by 8%.

“As previously disclosed in the 2024 results, the timing of holiday pay accruals, seasonally higher energy usage in the first half and investment in strategic growth will result in the Group's profits in 2025 being weighted towards the second half of the financial year,” the company said in a statement.

In particular, Mission 365, the company's year-round optimization strategy for operational and sales optimization, continued to progress. 

This includes enhancements to digital platforms, a broader product line, and a stronger focus on B2B. The opening of a 140,000-square-foot warehouse in Northampton is expected to boost efficiency and spur growth.

Shares of the tile retailer were up 3.6% at 04:03 ET (09:03 GMT).

Source: Investing.com