GB : Topps Tiles - Trading acceleration; material upgrades

H1 21 adj. PBT of £5.1m vs. £1.2m in H1 20 reflects a very resilient performance, especially considering the much tighter lockdown restrictions in Q2 when stores were shut to retail customers. Sales and gross margin have recovered rapidly since re-opening, with Retail LFLs accelerating to +16.8% in the five weeks thereafter. This drives a 59% increase in our FY21E adj. PBT to £13.2m and material upgrades to FY23E/24E of 38%/22%. The outlook remains bright supported by a continuing buoyant RMI market, the group’s strong omni-channel positioning and the ‘1 in 5 by 2025’ market share goal. We reiterate our BUY on an increased target price of 110p (previously 95p).

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