Topps Group’s top line was well flagged at the April trading update, but interim results provide greater clarity on costs, margins and the impact of CTD. Proforma revenue (including CTD in both periods) was flat while adjusted gross margin (excluding CTD in FY25) declined 0.4ppts to 53.0% due to CTD’s lower-margin mix and adjusted PBT fell 31.3% to £2.2m. The decline in adjusted PBT was driven by the inclusion of CTD which generated an operating loss of £0.4m (H1 25 £1.0m), on a proforma basis P ....
