Topps Tiles (LON: TPT) rallied at the start of Wednesday's session, climbing over 7% after the company reported a strong start to its financial year.
The tile specialist posted a 4.6% increase in group sales for the 13 weeks ending 28 December 2024, excluding CTD Tiles.
There was also a 12.9% sales surge in the most recent five-week period.
Like-for-like sales in the Topps Tiles brand increased by 3.5% year-on-year, with the latest five-week period seeing a 12.5% growth.
The company said sales in the online pure play part of the group were “strongly positive,” while there was ongoing strength in its trade offer, with a 13.5% increase in trade sales and a 20% growth in Pro Tiler Tools sales.
Digital channels saw a 17% rise in traffic, contributing to an 8% boost in online sales.
Meanwhile, the company announced that CEO Rob Parker is set to retire from the business after 18 years with the company, having served as CFO for 12 years before becoming CEO in 2019.
Topps Tiles said it has initiated the search for a successor, with Parker expected to remain in position until late 2025 to ensure a smooth transition.
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