On Wednesday 8th January, Topps Tiles Plc announced a trading update for the 13-week period ended 28th December 2024 and a message on CEO succession.
Building on the return to sales growth in the early weeks of the new financial year, as reported in the 2024 Annual Financial Results, Topps Group reports a further improvement in trading over the first quarter of the year. Group sales in the 13 weeks ended 28th December were 4.6% higher year-on-year excluding CTD1, with sales in the most recent five-week period up 12.9% year-on-year. Like-for-like sales in Topps Tiles were up 3.5% year-on-year in the 13 weeks ended 28th December 2024 and up 12.5% in the most recent five-week period. Topps Tiles Plc indicates that sales in the Online Pure Play part of the Group were strongly positive.
Topps Group announces 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 activated its succession plan and, with the support of external consultants, has commenced the search process for a new Chief Executive Officer. Rob Parker will remain in post until an appropriate successor has been appointed, which is expected to be towards the end of 2025.
Paul Forman, Chairman, said: “Rob has made an enormous contribution to the development and success of the business over the last 18 years. During his time as CEO, he has overseen a period of significant diversification and growth of the business, and has led the Group through a particularly volatile period for the UK economy, including the Covid pandemic. He will leave with the Group well-positioned and we are grateful for his continuing leadership and commitment while we complete a managed transition to his successor. On a personal note, I would like to thank Rob for the support, professionalism and insight he has given me as a newly appointed Chair.”
1 The Group’s acquisition of the brand and certain assets of CTD Tiles, as announced on 19th August 2024, remains under investigation by the Competition and Markets Authority, and the Group is therefore unable to report on the financial performance of this part of the Group. A decision by the CMA on the phase 1 enquiry is due to be made by 17th February 2025.
