Welcome to the 2025 Annual Report for Travis Perkins plc, the UK’s largest distributor of building materialsThe breadth, reach and scale of the business means it’s in a unique position to supply the entire UK construction industry and provide customers with the materials and tools they need for their building projects, when and where they need it. The Group has a strong heritage and employs over 17,000 colleagues across six leading businesses which are all number #1 or #2 in their markets. |
Chair’s statement
“I am delighted with how our teams responded to the challenge of building top-line momentum and regaining market share in the Merchanting business.”
Geoff Drabble, Chair
CEO’s statement
“I believe in the power of a branch-based, sales-led organisation and that principle stands well for each of the businesses that we have in the Group.”
Gavin Slark, Chief Executive Officer
Financial Highlights
Revenue
Adjusted operating profit
Net debt/adjusted EBITDA
Return on capital employed
Dividend per share
Loss after tax
Graduate apprentices
Carbon emissions
Operational highlights
Business performance stabilised
- Group like-for-like revenue growth of 0.3%, with the sharper competitive proposition in H2 offsetting the impact of operational challenges at the start of the year
- 2025 adjusted operating profit of £133m (2024: £152m), reflecting lower margins in Merchanting
- Strong progress in Toolstation UK with adjusted operating profit increasing 29% to £44m
- Proactive management of overheads to mitigate cost inflation and increased employer national insurance, with significant restructuring of central and regional roles in 2025
- Operating loss of £97m (2024: profit of £2m) reflecting the trading performance and adjusting items of £222m (£8m cash items) related to impairments of Toolstation Benelux, CCF and specific Merchanting branches; the sale of Staircraft; and restructuring actions
- Gavin Slark joined the Group as a sector-experienced CEO on 1 January 2026
Strong focus on cash generation and strengthening the balance sheet
- Net cash before leases of £1m driven by £136m working capital inflow, proceeds from the divestment of Staircraft and a disciplined approach to capital expenditure
- Over £800m of liquidity headroom through cash holdings (£427m) and undrawn committed facilities (£390m) in a challenging market
- £250m bond fully refinanced with investment-grade US private placement notes. No significant refinancing requirements until 2028.
Market overview
The market for building materials in the UK coming through distribution channels is £66bn.
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Note: The market mix and market size figures are based on 2025 data from the Builders Merchant Market Report UK. The Group mix is based on internal estimates.
Sustainability
As the UK’s largest distributor of building materials, Travis Perkins plc is committed to driving meaningful Environmental, Social and Governance (“ESG”) change in the construction industry.
This commitment to customers, colleagues and communities covers every aspect of the business. Besides a focus on improving the performance of its own business, the Group works proactively with suppliers and customers and recognises the important role it plays as a convener and influencer in the development of more sustainable communities.
Building on the progress made since the Group launched its first Building for Better framework and targets in 2020, this latest status report provides an update on performance in the focus areas where the Group carries the most risk or opportunity, as shown in the framework.
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Results, reports & presentations
Discover our latest and previous results and download key information
Sustainability
Discover more about our approach to sustainability, and download key information
Shareholder centre
Our ambition is to be the leading partner to the construction industry.
