Reasons to Invest

Shower room with vertical grey tiles and a pear shaped mirror

1. Attractive Market Dynamics

We operate in a large market worth approximately £1.2 billion, with stable long-term demand and minimal disruption from alternative technologies. This year, we achieved our goal of ‘1 in 5 by 2025’, meaning a 20% UK market share, two years ahead of our plan. With a 20% share of a fragmented market, we are already the market leader by some distance, but still have lots of headroom to grow.

The UK housing market is older and more underinvested than in other European markets, suggesting a strong pipeline of future demand.

Calacatta marble style tiles in a bathroom

2. Ambitious Growth Strategy

Having achieved our market share goal two years early, we remain ambitious to grow both sales and profits further.

In our omni-channel Topps Tiles brand, we will increase sales densities per store by continuing to offer innovative and inspirational products, largely exclusive to Topps, as well as expanding into new product areas, continually developing our digital presence, and delivering world class service. In our newer businesses, Online Pure Play and Commercial, we will continue to take share as we rapidly grow our scale. All of our businesses have significant growth potential and all of our businesses can deliver net margins of around 8%.

Enis grey decor in the kitchen

3. Strong Balance Sheet

We have cash on the balance sheet, no debt and significant headroom against our banking facilities, which currently are committed to at least October 2026. This provides substantial resilience against any further economic shocks and allows the business to invest for growth.

Honed onyx style tiles

4. Good Cash Generation

We generate high quality profits which convert to cash well due to high gross margins, low working capital requirements and relatively modest levels of capital expenditure. Our capital allocation policy sees dividend payments set at 67% of adjusted EPS, combined with a commitment not to decrease cash payments due to any short-term economic turbulence – a strong sign of confidence.

Skandi birch style tiles in a bedroom

5. Environmental Leadership

We have a goal to be carbon balanced by 2030 and intend to lead the tile industry in environmental credentials. We strongly believe that substantially reducing our impact on the environment is good for the planet and all of our stakeholders.

Our strengths

Enderby house

1. Market Leading Omnichannel Customer Proposition

Our multi award-winning website ( has approximately three times the web traffic of our next largest competitor. Almost every customer who visits our stores uses our website in some way, and the majority of website sales involve a store at some stage in the process, giving us a significant advantage over purely online or bricks-and-mortar competitors.

Grey tile bathroom

2. Nationwide Coverage

We are the only tile distributor in the UK to offer full national coverage, trading from 303 locations to offer unrivalled convenience for trade customers and allowing the whole of the UK population to access our products and customer service in person.

grey tile hallway

3. Specialist Expertise

We have a real specialism in tiles and associated products, and the scale to leverage it. We are able to buy from all over the world, have unrivalled relationships with suppliers, and work with our suppliers to develop differentiated products, 77% of which are exclusive to us.

Oakhurst natural style tiles in a shower room

4. World-class Customer Service

When homeowners shop with us, they are often buying a product which is unfamiliar to them, requiring a high level of support and design inspiration. Trade customers require specialist expertise, technical knowledge and stock availability. Across both groups, we are proud of our high service levels - our overall customer satisfaction scores in Topps Tiles of 91.5% are world class.

Underground matt white style tiles in a kitchen

5. Diverse Market Exposure

The Group has developed and diversified in recent years and now operates across three business areas – Omnichannel (Topps Tiles), Online Pure Play (Pro Tiler Tools and Tile Warehouse) and Commercial (Parkside). This allows the Group to sell into the residential market across all price points, to the specialist trade market, to the contractor market and to designers and architects in the commercial market, all while retaining its specialism in tiles and related products.