Topps Group headline interim numbers had been well flagged in the April trading update, but yesterday’s results announcement provides greater detail on the weighting of profitability towards the second half of the year. Whilst trading steadily improved during H1, Q2 showed a better yoy growth rate (+4.4% vs +3.3%) than Q1, increased costs in terms of strategic investment and seasonal energy use mean profitability will be H2 weighted. Estimates are updated today on the CTD acquisition being class ....
