Topps Tiles Plc (TPT.L), a supplier of tiles, on Wednesday reported a slight decline in first-half revenue, but like-for-like revenue grew 0.1 percent.
Further, the firm has launched cost-saving measures, including plans to close 23 underperforming stores, which will reduce overall revenue but improve profitability.
The shares were losing around 7 percent on the London Stock Exchange.
In its trading update, the firm said its first-half revenues were impacted mainly by volume loss from the lengthy CMA investigation process in CTD store business
Total group revenue for the interim including CTD, came in at 142.7 million pounds, down 0.1 percent year-on-year. However, excluding CTD, revenue grew 2.1 percent.
The company still outperformed the broader home improvement market, which declined by around 2.5 percent during the same period.
The company said it remains on track to return the CTD business to profit in the financial year, supported by improving housebuilder demand and first-half CTD store LFL growth of 1.0 percent.
Digital sales showed strong progress, with online revenue rising to 21.0 percent, up 3.3 percentage points year-on-year.
Among its online brands, Pro Tiler delivered over 21 percent revenue growth.
CEO Alex Jensen stated that weaker consumer confidence, cost inflation, and market softness impacted performance.
The company said it has started implementing a targeted programme of self-help measures to continue driving sustainable profit growth in the medium term, amid the subdued consumer sentiment and geopolitical uncertainty. The savings from these measures are expected to be weighted towards the second half, and are projected to provide a stronger financial platform for 2027 and beyond.
The Group expects the initiatives to reduce overall Topps Tiles revenue but improve profitability through sales transference and cost reduction.
The company plans to publish its first-half interim results on May 19.
In London, Topps Tiles shares were losing around 7.31 percent to trade at 32.07 pence.
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