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Annual Report and Accounts for the 52 Week Period Ended 30 September 2017

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Annual Report and Accounts for the 52 Week Period Ended 30 September 2017 Topps Tiles Plc Annual Report and Accounts for the 52 week period ended 30 September 2017 Topps Annual Report and Accounts for the 52 week period ended 30 September 2017 Stock Code: TPT 25632.02 13 December 2017 11:33 AM Proof 8 25632.02 13 December 2017 11:33 AM Proof 8 Welcome Topps Tiles is the UK’s leading tile specialist. Our core business is focused on the domestic tile market and, specifically, refurbishment of residential homes. We provide an industry leading range of tiles and associated accessories to this market. Our customer base includes both homeowners (predominantly retail customers) and tile fitters (trade customers) and our business is based on a broadly even split between the two customer types. Our colleagues are a key ingredient of our business model – our customers rely on our expert product knowledge and world-class customer service. We have also announced our desire to participate in the commercial tile market. We are at the very start of our journey to develop a meaningful presence in this significant part of the overall UK tile market. We have completed a small acquisition during the year and 2018 will be a year of learning and building this new strategically important business. OUR STRATEGY Our core business strategy of “Out-specialising the Specialists” remains very much at the heart of what we do. It is built on the foundation of ensuring we have Great People and provide them with an environment in which they can thrive and help us to sustain a Great Company. Our key areas of strategic focus are having the UK's Leading Range, providing our customers with an Inspirational Experience and being the Traders’ Champion. READ MORE Read Our Strategy on pages 12 to 16 OUR STORES Topps Tiles has over 372 stores across the UK with a broad geographic reach which means most customers 17 require less than a 20 minute drive time to reach their local store. 2 55 17 52 81 READ MORE 148 PICTURED See our full store list on page 141 Cover: KinectTM Stonewash Blue and Larvik IFC: IndustriaTM, engineered stone metal effect, wall mosaic 25632.02 13 December 2017 11:33 AM Proof 8 25632.02 13 December 2017 11:33 AM Proof 8 OVERVIEW CONTENTS BUSINESS MODEL CONTENTS We offer our customers outstanding value for money through exceptional Highlights 2 customer service, an up-to-date market Chairman’s Statement 4 leading product range and unrivalled Strategic Report multi-channel convenience. Marketplace 8 READ MORE Business Model 10 Pages 10 and 11 Our Strategy 12 Leading Range 13 Inspirational Experience 14 OUR STRATEGY Traders' Champion 15 The business has an overarching goal to Great People, Great Company 16 achieve profitable sales growth. During Strategy in Action 18 the period we conducted our annual refresh of strategy and have now included Key Performance Indicators 26 a more explicit focus on the commercial Financial Review 27 tile market in our future growth plans. Risks and Uncertainties 33 READ MORE Corporate Social Responsibility 37 Pages 12 to 16 Our Governance Board of Directors 44 Corporate Governance Statement 46 KEY PERFORMANCE Directors’ Report 50 INDICATORS Directors’ Remuneration Report 54 The Board monitors a number of financial and non-financial metrics Our Financials and KPIs both for the Group and by Independent Auditor's Report 74 individual store. Consolidated Statement of 80 READ MORE Financial Performance Page 26 Consolidated Statement of 80 Comprehensive Income Consolidated Statement of 81 Financial Position Consolidated Statement of 82 Changes in Equity INVESTOR WEBSITE Consolidated Cash Flow Statement 83 We maintain an investors' website containing a wide range of information to investors Notes to the Financial Statements 84 Company Balance Sheet 112 www.toppstilesplc.com Notes to the Company Financial 113 Statements Additional Information Five Year Record 118 Notice of Annual General Meeting 119 Explanatory Notes to the Notice of 124 Annual General Meeting Summary of the principal features of the Topps Tiles 2018 Sharesave Scheme ("Sharesave Scheme") 127 The Team 129 Store Locations 141 1 25632.02 13 December 2017 11:33 AM Proof6 Topps Tiles Plc Annual Report and Accounts for the 52 week period ended 30 September 2017 Highlights GROUP LIKE-FOR-LIKE REVENUE GROSS ADJUSTED PROFIT REVENUE (£m) GROWTH YEAR-ON-YEAR1 (%) MARGIN (%) BEFORE TAX2 (£m) -1.5% -2.9% -80bps -15.5% 8.1 212.2 215.0 22.0 211.8 20.4 61.9 195.2 60.9 61.2 61.1 18.6 5.4 17.1 4.2 (2.9) 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 PROFIT ADJUSTED EARNINGS BASIC EARNINGS FINAL BEFORE TAX (£m) PER SHARE3 (p) PER SHARE (p) DIVIDEND (p) -13.9% -8.0% -15.0% -13.3% 2.50 20.0 8.86 2.30 2.25 8.17 8.05 16.7 17.0 17.0 7.63 6.98 6.75 6.63 6.49 1.60 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 TOTAL CASH GENERATED NET DIVIDEND (p) FROM OPERATIONS (£m) DEBT4 (£m) -2.9% -7.7m +2.7m 29.9 3.50 30.5 28.4 3.40 27.5 24.9 24.2 3.00 24.8 22.2 2.25 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2 25632.02 13 December 2017 11:33 AM Proof6 Topps Tiles Plc Annual Report and Accounts for the 52 week period ended 30 September 2017 OVERVIEW HIGHLIGHTS FINANCIAL PERFORMANCE CURRENT TRADING AND OUTLOOK • Sales of £211.8 million (2016: £215.0 million). • The Group is now trading from 372 stores (2016: 352 stores) Like-for-like sales decline of 2.9% (2016: +4.2%) • In the first eight weeks of the new financial period, Group • Gross margin decreased to 61.1% (2016: 61.9%) reflecting revenues, stated on a like-for-like basis, increased by 3.2% pressure of weaker sterling which was partly offset by underlying (2016: decrease of 0.3%) sourcing gains and our focus on a differentiated product offer Commenting on the results, Matthew Williams, Chief Executive • Adjusted profit before tax2 of £18.6 million, a decrease said: "The business responded well to the more challenging trading of 15.5% conditions we experienced in 2017, maintaining tight control of costs to help offset the reduction in gross margin and continuing to • Final dividend of 2.30 pence per share (2016: 2.50 pence make good progress with its strategic initiatives. per share), making a total for the year of 3.40 pence per share (2016: 3.50 pence per share) “Trading in the first eight weeks of the new financial year has improved, with like-for-like sales increasing by 3.2%. While we • Net debt4 at period end increased to £27.5 million are retaining our prudent view of market conditions for the year (2016: £24.8 million) ahead, we are encouraged by this return to like-for-like sales STRATEGY UPDATE growth. We are confident that the combination of the significant • Core business strategy of "Out-specialising the Specialists" further potential in our strategy of 'Out-specialising the Specialists' remains key focus in the domestic tile market, where Topps Tiles with our accelerated plan to grow in the commercial tile market is market leader will underpin our future success.” • Growth strategy expanded into the commercial segment of the NOTES UK tile market (c. 45% of total UK tile market) 1. Like-for-like revenues are defined as sales from online and stores that have been trading for more than 52 weeks. • Parkside Ceramics, a small business which specialises in the 2. Adjusted profit before tax excludes several items that we have incurred during the supply of tiles into the commercial segment acquired during the period in order to give users of the accounts improved information around period for £1.1 million underlying performance trends. These are items which are either one-off in nature or can fluctuate significantly from year to year (such as some property related • Parkside to form the basis of a new Commercial division – plans items). These are set out as follows: in place to invest c.£1 million in the year ahead into capabilities to drive longer term growth 2017 2016 £m £m OPERATIONAL PERFORMANCE • Trade participation increased to 55% of total sales (2016: 52%) Adjusted pre-tax profit 18.6 22.0 driven by growth of the trade loyalty programme and trend for Vacant property costs (0.4) (0.3) "Do It For Me" Costs related to acquisition during the period (0.2) nil • Digitisation of "Rewards +" trade loyalty programme, enhancing Impairment of plant, property and equipment (1.2) (0.8) offer to trade customer base – 55,000 traders now registered Gains or losses on disposal of freehold of and spending, a 35% increase long leasehold properties 0.2 nil • Sales continuing to benefit from new product development – Stock write-off relating to wood category exit nil (0.5) 9.2% of tile revenues generated from ranges launched in the last Restructuring costs including transitional 12 months (2016: 12.6%) costs relating to prior year business • Active management of store portfolio – 26 new openings simplification initiatives nil (0.4) and five closures in the period, resulting in a net 21 new stores. Statutory pre-tax profit 17.0 20.0 Between five and 10 net new openings expected in current financial year. 3. Adjusted for the post tax effect of the items highlighted above. 4. Net debt is defined as loan facilities drawn down less cash and cash READ MORE equivalents.
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