Topps Tiles: Edison
Retail - LSE - Mcap: £93m - Price: 47.5p - Update
Acquisition of a well-respected competitor
The acquisition of certain assets of CTD Tiles (CTD) brings complementary activities to Topps Tiles’ (TPT’s) existing Omnichannel and Commercial businesses. Management believes these will enable faster progress in some current markets (with architects and designers) and provide a meaningful entry into new addressable markets, such as the volume housebuilder segment. The acquired revenue and profit will accelerate TPT towards its Mission 365 financial goals. We upgrade our FY25–26 profit estimates by 11–13%.
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