Topps Tiles
Website:
Topps Tiles
Index:
FTSE Small Cap
EPIC: TPT
Supersector:
Retail
Sector:
General Retailers
Subsector:
Home Improvement Retailers
Market Cap:
£82.17M
Payout Frequency: Semi-Annual
Topps Tiles Dividend Analysis and Summary
Key Dividend Details
- Dividend type: Final
- Final dividend per share: 2.1p (FY24: 1.2p, +75%)
- Total FY25 dividend per share: 2.9p (FY24: 2.4p, +20.8%)
- Payout ratio: ~85% of adjusted EPS (policy target 67%, cap 100%)
- Adjusted EPS: 3.43p; Statutory EPS: 3.05p
- Ex-dividend date: 18/12/2025
- Record date: 19/12/2025
- Payment date: 30/01/2026 (subject to AGM approval in Jan 2026)
- Cash resources: adjusted net cash £7.4m; £30m RCF committed to Oct 2027
Sustainability and Coverage
- Coverage: ~1.18x on adjusted EPS (3.43p / 2.9p); c.1.05x on statutory EPS. Coverage is thin but improved vs FY24 (when payout was 100%).
- Cash generation: FY25 free cash flow of £2.6m versus cash dividends paid of £3.9m (includes prior year final and FY25 interim). Proposed FY25 final (c.£4.1m) falls into FY26 cash outflows.
- Balance sheet/liquidity: modest net cash and ample facility headroom (~£37m), offering flexibility to fund the dividend despite higher lease and finance costs.
- Earnings trajectory: Adjusted PBT up 46% to £9.2m; CTD expected to move into profit in FY26, which would bolster cover if delivered.
Growth Trajectory and Policy
- Policy re-affirmed: target payout of 67% of adjusted EPS with flexibility not to cut in downturns (cap at 100%). FY25 payout set at ~85%, signalling confidence but maintaining a high distribution.
- Dividend growth: total DPS up 20.8%, restoring growth after last year’s 100% payout to support the dividend.
Structural Changes and Potential Dividend Impacts
- CTD acquisition: CMA process effectively concluding with required store disposals; operations integrated, profit targeted for FY26. Inclusion in adjusted metrics (with ~£11m operational costs) begins FY26. Execution is key to EPS and cash support.
- Fired Earth acquisition (Nov 2025): £3m for brand/IP/website and ~£2.5m stock; small cash outlay adds a premium digital brand—incremental, not immediately material to dividends.
- Management changes: New CEO (Dec 8) and new CFO arriving spring 2026; succession costs in FY25 classed as adjusting items. Policy continuity indicated.
- Systems/Capex: ERP rollout (Dynamics 365) through 2026 and new DC fit-out drive near-term costs but aim at efficiency; capex FY25 £5.5m.
Risks and Flags to Dividend Stability
- Thin cover: ~1.18x (adjusted) and ~1.05x (statutory) leaves limited cushion if trading softens.
- Cash cover: FY25 free cash did not fully cover cash dividends paid; FY26 cash outflow for the final dividend needs ongoing operational cash generation.
- CTD execution risk: Profit delivery in FY26 is pivotal; delays or underperformance would pressure cover.
- Macro sensitivity: Early FY26 sales growth moderated on weaker consumer confidence; RMI exposure heightens cyclical risk.
- Rising finance and lease costs: Higher interest and substantial lease liabilities constrain financial flexibility.
- ERP implementation and integration complexity present operational risk that could disrupt near-term performance.
Read more
Topps Tiles Annual Dividend Yield - 4.75%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 19/12/2024 |
30/01/2025 |
Final |
1.20p |
GBX |
| 05/06/2025 |
11/07/2025 |
Interim |
0.80p |
GBX |
Total (Annual Dividends Per Share):
2.00p
Dividend Yield =
Annual Dividends Per Share (2.00p)
÷ Share Price (42.1p)
= 4.75%
Topps Tiles Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 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) |
20.83%
|
| Dividend CAGR (5Y) |
-1.32%
|
| Years of Growth |
1
|
| Payout Ratio |
65.61%
|
| Buyback Yield |
-1.32%
|
| Shareholder Yield |
5.57%
|
| P/E Ratio (TTM) | 13.99 |
|---|
| Forward P/E | 9.56 |
|---|
| P/FCF | 4.39 |
|---|
| Earnings Yield | 7.25% |
|---|
| FCF Yield | 22.8% |
|---|
| ROE | 89.96% |
|---|
| ROCE | 12.19% |
|---|
| Profit Margin | 2.02% |
|---|
| Operating Margin | 4.39% |
|---|
| Gross Margin | 52.18% |
|---|