Topps Tiles
Website:
Topps Tiles
Index:
FTSE Small Cap
EPIC: TPT
Supersector:
Retail
Sector:
General Retailers
Subsector:
Home Improvement Retailers
Market Cap:
£67.16M
Payout Frequency: Semi-Annual
Topps Tiles Dividend Analysis and Summary
Dividend Details
- Dividend declared: Interim dividend of 1.0p per share (up 25% YoY vs 0.8p)
- Ex-dividend date: 04/06/2026
- Record date: 05/06/2026 (standard LSE timetable: one business day after ex-div)
- Payment date: 10/07/2026
- Policy: Interim set at one-third of the prior full-year dividend; FY25 total DPS was 2.9p
- Indicative cash cost: c. £2.0m (c.196.7m shares x 1.0p), before any treasury share adjustments
- Recent cash outflow for dividends (H1): £4.1m (FY25 final dividend of 2.1p paid in the period)
Coverage and Context
- H1 FY26 adjusted EPS: 0.83p; statutory EPS: 0.17p
- FY25 adjusted EPS: 3.43p vs FY25 DPS 2.9p (coverage ~1.18x)
- Company expects modest YoY profit growth in FY26 with H2-weighted benefits from self-help initiatives (~£3m H2, ~£6m annualised)
Analysis: Sustainability and Growth
- Near-term sustainability: Interim of 1.0p is in line with policy but not covered by H1 adjusted EPS (0.83p). However, Topps is traditionally H2-weighted and management guides to stronger H2, suggesting adequate full-year cover if targets are met.
- Earnings support: Proforma adjusted PBT flat YoY in H1 (£2.2m) with margin progress and tight costs; CTD losses reduced (£0.4m) and targeted to turn profitable in H2. This underpins the dividend but execution in H2 is key.
- Cash flow and balance sheet: H1 free cash flow was negative (-£3.4m) due to working-capital unwind; adjusted net debt moved to £3.1m (from net cash at FY25). A £30m RCF (committed to Oct-2027; £19m drawn) provides liquidity and headroom, supporting distributions despite H1 cash softness.
- Growth/trajectory: Interim DPS up 25% YoY (policy-driven), not a signal of a step-change in total DPS. With “modest” FY26 profit growth expected and cost actions bedding in, maintaining at least the FY25 total DPS (2.9p) looks plausible, contingent on H2 delivery.
Structural or Policy Factors Affecting Future Dividends
- Store rationalisation: Closure of 23 loss-making stores in 2026 and a new productivity model should enhance profitability from H2 and into 2027 (annualised savings ~£6m), improving medium-term dividend capacity.
- Acquisitions/integration: CTD now included in adjusted metrics; losses narrowing and targeted to be profitable in H2. Fired Earth acquired and already profitable at modest scale. Both support future earnings if integration benefits continue.
- Brand simplification: Tile Warehouse consolidated into Topps in H2 to reduce costs and focus marketing—accretive to Group profitability.
- Management change: New CFO (from 26/05/2026) could influence capital allocation discipline but no change to dividend policy indicated.
Risks and Flags
- Coverage risk: H1 dividend not covered by H1 adjusted EPS; relies on H2 outperformance.
- Cash flow/debt: H1 free cash flow negative; adjusted net debt rose to £3.1m. While facility headroom is ample, persistent cash pressure could constrain dividend flexibility.
- Execution risk: Dependence on delivery of H2 self-help savings and CTD turning profitable.
- Macro sensitivity: Weaker consumer sentiment and wage/property cost inflation remain headwinds; management’s going-concern scenarios contemplate dividend suspension as a potential mitigating action in severe downturns.
Read more
Topps Tiles Annual Dividend Yield - 8.59%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 18/12/2025 |
30/01/2026 |
Final |
2.1000p |
GBX |
| 04/06/2026 |
10/07/2026 |
Interim |
1.0000p |
GBX |
Total (Annual Dividends Per Share):
3.10p
Dividend Yield =
Annual Dividends Per Share (3.10p)
÷ Share Price (36.1p)
= 8.59%
Topps Tiles Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 04/06/2026 |
10/07/2026 |
Interim |
1.0000p |
GBX |
| 18/12/2025 |
30/01/2026 |
Final |
2.1000p |
GBX |
| 05/06/2025 |
11/07/2025 |
Interim |
0.80p |
GBX |
| 19/12/2024 |
30/01/2025 |
Final |
1.20p |
GBX |
| 06/06/2024 |
12/07/2024 |
Interim |
1.20p |
GBX |
| 21/12/2023 |
02/02/2024 |
Final |
2.40p |
GBX |
| 08/06/2023 |
14/07/2023 |
Interim |
1.20p |
GBX |
| 22/12/2022 |
03/02/2023 |
Final |
2.60p |
GBX |
| 09/06/2022 |
15/07/2022 |
Interim |
1.00p |
GBX |
| 23/12/2021 |
31/01/2022 |
Final |
3.10p |
GBX |
| 19/12/2019 |
31/01/2020 |
Final |
2.30p |
GBX |
| 06/06/2019 |
12/07/2019 |
Interim |
1.10p |
GBX |
| 20/12/2018 |
04/02/2019 |
Final |
2.30p |
GBX |
| 07/06/2018 |
13/07/2018 |
Interim |
1.10p |
GBX |
| 21/12/2017 |
02/02/2018 |
Final |
2.30p |
GBX |
| 15/06/2017 |
14/07/2017 |
Interim |
1.10p |
GBX |
| 05/01/2017 |
03/02/2017 |
Final |
2.50p |
GBX |
| 09/06/2016 |
15/07/2016 |
Interim |
1.00p |
GBX |
| 07/01/2016 |
04/02/2016 |
Final |
2.25p |
GBX |
| 11/06/2015 |
15/07/2015 |
Interim |
0.75p |
GBX |
| 29/12/2014 |
30/01/2015 |
Final |
1.60p |
GBX |
| 11/06/2014 |
15/07/2014 |
Interim |
0.65p |
GBX |
| 23/12/2013 |
31/01/2014 |
Final |
1.00p |
GBX |
| 10/06/2013 |
15/07/2013 |
Interim |
0.50p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
1.200 |
1.200 |
GBX |
2.400 |
-33.330 |
| 2023 |
1.200 |
2.400 |
GBX |
3.600 |
0.000 |
| 2022 |
1.000 |
2.600 |
GBX |
3.600 |
16.120 |
| 2021 |
|
3.100 |
GBX |
3.100 |
-8.820 |
| 2019 |
1.100 |
2.300 |
GBX |
3.400 |
0.000 |
| 2018 |
1.100 |
2.300 |
GBX |
3.400 |
0.000 |
| 2017 |
1.100 |
2.300 |
GBX |
3.400 |
-2.850 |
| 2016 |
1.000 |
2.500 |
GBX |
3.500 |
16.660 |
| 2015 |
0.750 |
2.250 |
GBX |
3.000 |
33.330 |
| 2014 |
0.650 |
1.600 |
GBX |
2.250 |
50.000 |
| 2013 |
0.500 |
1.000 |
GBX |
1.500 |
|
Topps Tiles Dividend Calculator
Topps Tiles Dividend Growth
| Dividend Growth (1Y) |
55%
|
| Dividend CAGR (5Y) |
–
|
| Years of Growth |
1
|
| Payout Ratio |
110.93%
|
| Buyback Yield |
-1.47%
|
| Shareholder Yield |
6.87%
|
| P/E Ratio (TTM) | 13.3 |
|---|
| Forward P/E | 8.62 |
|---|
| P/FCF | 2.87 |
|---|
| Earnings Yield | 7.65% |
|---|
| FCF Yield | 34.89% |
|---|
| ROE | 127.37% |
|---|
| ROCE | 13.28% |
|---|
| Profit Margin | 1.74% |
|---|
| Operating Margin | 4.92% |
|---|
| Gross Margin | 52.7% |
|---|