reports
Hybridan Small Cap Feast - 3 October 2024
* A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: Base Resources (BSE.L) has delisted from the AIM market What’s baking in the oven? Potential**** Initial Public Offerings: ITF announced: 30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand announced that it is con...
- Andy Hanson
Topps Group (TPT LN) - FY24 trading update
Topps Group has provided an update for FY24 to September period end confirming revenue of c. £248m (excl. CTD Tiles), down 5.7% from the record levels achieved in FY23 but broadly in line with Zeus forecast of £247m. The UK Tile market has been under continued pressure over the last 12-18 months, driven by weakness in the RMI market as consumers delay big ticket projects and housing transactions remain below pre-pandemic levels. This has left the market down 10-15% yoy, according to management, ...
- Kate Heseltine
Topps Tiles - Slight sequential improvement in Q424
Topps Tiles (TPT) finished FY24 well on a relative basis by outperforming the still weak domestic repair, maintenance and improvement market. Its Q424 trading update indicates reassuring ‘stable’ trends in Topps Tiles stores versus the immediately prior quarter and continued growth from the rest of the portfolio. As a result, Q424’s yearly growth rate was slightly better than the rest of the year. The stability in Topps Tiles store sales is important as the company has weak comparatives through ...
- Andy Hanson
Zeus Building Products Round-up - 6 September 2024
Monthly sector update August has been a quiet month for industry newsflow as companies gear up for half year announcements and markets await commentary on current trading and outlooks as we exit the summer period. On the macro data front, there has been positive movements on mortgage approvals with July seeing banks approve 62k mortgages, the highest since September 2022 as it closes in on the pre-pandemic average of c. 66k. Whilst consumer confidence was flat in August at -13, personal finance ...
- Andy Hanson
Audio Note: Topps Group - Acquisition of CTD Tiles Limited
In this audio note, Zeus’ Andy Hanson summarises the investment case for Topps Group Topps Group announced it has acquired the CTD Tiles brand, 30 stores, selected stock and all related IP from tile specialist CTD Tiles Limited for a consideration of £9m.
- Kate Heseltine
Topps Tiles - Acquisition of 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 estimate...
- Andy Hanson
Topps Group (TPT LN) - Acquisition of CTD Tiles Limited
Topps Group announced it has acquired the CTD Tiles brand, 30 stores, selected stock and all related IP from tile specialist CTD Tiles Limited for a consideration of £9m. Based on £44m of LTM revenue, the transaction represents a headline EV/Sales of 0.2x, however, when considering inventories acquired, the price appears extremely attractive, in our view. The UK Tile market has experienced a challenging and prologued downturn over the last 18-24 months, causing multiple peers to enter administra...
- Andy Hanson
Building Products and Construction Round-Up - 7 August 2024
Collectively, the Building Products and Construction sectors had a strong performance over July, no doubt supported by positive statements made from the newly appointed Labour government, continued expansion in Construction PMI and the highly anticipated 25bp interest rate cut.
- Kate Heseltine
Topps Tiles - Covering the bases…and walls
Topps Tiles’ (TPT’s) updated medium-term strategy is focused on leveraging its core competitive strengths into much larger addressable markets, while continuing to grow its core brands and services, which are at various stages of development. Management’s pedigree on delivering prior market-share-based strategies suggests TPT can generate significant profit growth, even with conservative estimates on the scale of an expected cyclical recovery. We believe the growth prospects are not reflected in...
- Andy Hanson
Audio Note: Topps Group - Q3 Trading Update
In this audio note, Zeus’ Andy Hanson summarises the investment case for Topps Group. Topps Group released a Q3 update for the 39 weeks to the June period end confirming trading continues to remain challenging with total sales in Q3 down 6.9% yoy and down 6.2% ytd.
- Andy Hanson
- Kate Heseltine
Topps Tiles - Signs of stabilisation in Q324
Topps Tiles’ (TPT’s) brand strength continues to shine through with ongoing market share gains versus a weak repair, maintenance and improvement sector. There is also some encouragement that overall revenue trends were relatively unchanged through Q324, with no deterioration versus what was reported for the first seven weeks, albeit it remains challenging overall. For the individual group companies, the trends and narrative are consistent with recent updates: Omni-channel remains weak given the ...
- Andy Hanson
Zeus Building Products and Construction Round-Up - 2 July 2024
As we close off the first half of 2024, economic data has provided mixed signals with signs of improvements, albeit from a low base. GDP grew 0.7% in Q1 (QoQ), however, a timelier monthly estimate for April indicated no growth due to a rise in Services being offset by a fall in Production and Construction. This slightly contradicts what Construction PMI is reporting however, which saw activity rise at fastest pace in 2 years, with the index at 54.7 (April: 53.0). Residential projects grew only m...
- Andy Hanson
- Carl Smith
Real Estate, Building Products & Merchants - Quarterly Valuation Summa...
Housing data: House prices have remained resilient over the last quarter with Halifax’s HPI showing only a -0.3% quarterly change (seasonally adjusted) to May-24 and a +1.5% annual change. House prices look to be supported by strong buyer demand as UK property transactions show sequential MoM improvements since the start of the year and currently stand at the highest levels since March last year.
- Andy Hanson
- Andy Hanson
Topps Group (TPT LN) - Interim results & updated strategy
Topps Group has announced its interim results to March period end highlighting a good relative performance against a tough backdrop as sales fell 5.8% yoy to £122.8m versus c. 10-15% for the wider market, according to management. Adj. PBT of £3.1m is down 30% yoy and covers 40% of Zeus’s FY24 forecast, implying Topps will need to see some improvement in the operating environment to meet current estimates, which Zeus keep unchanged. The big news comes from the updated ‘Mission 365’ strategy, whic...
- Kate Heseltine
Topps Tiles - Looking to the future
Topps Tiles’ (TPT’s) H124 results demonstrate the effects of the general market softness of spend on repairs, maintenance and improvement, as evidenced by other companies and external data. Of more importance is TPT’s updated strategy, which includes targeting new markets and further/better leverage of existing brands, and ‘medium-term’ financial goals, the most notable being an indicated more than quadrupling of adjusted PBT from our FY24 estimates. Management points to more encouraging forward...
- Andy Hanson
Audio Note: Topps Group - Initiation: Market leader trading at cyclica...
In this audio note, Zeus’ Andy Hanson summarises the investment case for Topps Group. Topps Group is the UK’s largest specialist supplier and distributor of tiles and associated products to the UK’s domestic and commercial markets. Listen to the audio note below, and read the full research here.
- Andy Hanson
Topps Group (TPT LN) - Initiation: Market leader trading at cyclical l...
Topps Group is the UK’s largest specialist supplier and distributor of tiles and associated products to the UK’s domestic and commercial markets. Each of the last three years the Group has successfully achieved record revenue in a market that’s seen recent volume declines and regional peers enter administration. Following the right sizing of its business, Topps Group is now well positioned to capitalise on the economic recovery and continue taking share from competitors, supported by its global ...
- Kate Heseltine
Topps Tiles - Market tough through H124
Topps Tiles’ (TPT’s) H124 update shows that trading deteriorated further in Q224, following the weakness that began in Q124. Management attributes the decline to the soft external environment as noted by others in the repairs, maintenance and improvement market, other home improvement/DIY retailers and data from the Office for National Statistics. For the individual businesses, the trends remain consistent with previous updates: strong revenue growth for Online Pure Play offset by weakness in To...
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