Leading partner to the construction industry

As a leading partner to the construction industry, we support our customers to build, repair and maintain the many places, buildings and infrastructure that touch all of our lives every day.

Chair’s statement

“Dynamics impacting the Group’s end markets resulted in 2023 being a difficult year with earnings down notably, but I am confident that we are taking the right decisions to drive profit recovery, enhance cash generation and strengthen the business for the long term.”

Jasmine Whitbread, Chair

Chief Executive’s statement

“Whilst external markets will be challenged throughout 2024. The actions we are taking, alongside the previous investments we have made to build long-term competitive advantage, will ensure that the Group is well positioned to benefit when demand recovers.”

Nick Roberts, Chief Executive Officer

Financial Highlights

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Strategic Highlights

Protecting market position in challenging conditions

  • Progressive downturn in new build housing and private domestic RMI markets leading to Group revenue 2.7% lower than prior year
  • Combination of lower volumes, overhead cost inflation and rapid commodity price deflation in H2 resulted in adjusted operating profit of £180m (2022: £295m)
  • Invested to protect and build market positions with market share gains in both Toolstation and Travis Perkins General Merchant

Transforming the operating model to build a stronger business

  • Step change reduction in non-branch cost base delivered with £35m annualised savings
  • Working on a plan for a potential exit of Toolstation France; strategic review of options for Toolstation Benelux
  • Optimising Benchmarx branch network with focus on integrated offer within destination
  • Continued rationalisation of legacy Toolstation UK supply chain, following successful opening of the new Pineham distribution centre
  • Delivering profit enhancements through greater synergies between Group businesses, lowering supply chain costs and harnessing benefits from new technology
  • Operating profit of £110m (2022: £285m) reflects trading performance and a restructuring charge of £60m recognised in 2023, of which around £20m is cash, related to Toolstation France and Benchmarx impairments alongside restructuring actions

Enhancing cash generation to support future capital allocation

  • Reduced capital expenditure requirements in near term; £80m guidance for 2024
  • Focus on improving working capital performance
  • Refinancing completed, supporting robust balance sheet; no funding maturities before 2026
  • In line with policy, 2023 proposed full year dividend of 18.0 pence per share (2022: 39.0 pence per share)

Market overview

The market for construction materials is approximately £73bn with £56bn coming through distribution channels. The Group serves four major end markets, with half of revenues coming from private domestic housing and the balance being split between the commercial and industrial market and the public sector.

  • Market mix: 23%
  • Group revenue mix: 17%
  • Growth drivers:
    • Growth in the UK’s population
    • A shortage of housing
    • Sales incentives and support for first-time buyers
    • Ongoing desirability of home ownership over renting
  • Market mix: 16%
  • Group revenue mix: 33%
  • Growth drivers:
    • Disrepair of housing stock
    • ECO+ Requirement for retrofit and cladding remediation works
    • Need for decarbonisation and improvement for EPC ratings in the rented sector
    • Reconfiguring homes for more space and home-working
    • Cost of moving and shortage of new homes has given rise to a ‘Don’t move, improve!’ trend
  • Market mix: 25%
  • Group revenue mix: 24%
  • Growth drivers
    • Growth in warehousing and logistics space
    • Refurbishment of office and retail space around hybrid working and new patterns of retail
    • Cladding remediation work on commercial buildings
  • Market mix: 36%
  • Group revenue mix: 26%
  • Growth drivers
    • Hospital and school rebuilding programmes
    • Offshore wind growth
    • Ongoing requirements for public sector affordable housing
    • Significant need to improve the condition and thermal efficiency of existing public sector housing through retrofit programmes


As sustainability continues to grow in importance for the Group’s stakeholders, Environmental, Social and Governance leadership remains at the core of the Group’s strategy. It is delivered through the “Building for Better” agenda and is a key driver in achieving the Group’s Purpose and Ambition. The Group’s market-leading businesses and position in the supply chain between thousands of customers and suppliers means it is uniquely able to convene the supply chain to collaborate and co-create solutions, influencing and supporting the sustainability changes the industry needs.

Click on the links below to see more information on Our Approach:

PURPOSE We're here to help build better communities and enrich lives
AMBITION Leading partner to the construction industry.
Sustainability priority Decarbonising the industry.

Committed to deliver on our ambitious SBTi accredited, 1.5 degree aligned, net zero targets.

Sustainability priority Decarbonising the industry. Expand


Changing the game

Modernising construction

Provide sustainable products and services to support Modern Methods of Construction, retrofit, energy efficiency, decarbonisation, climate resilience, biodiversity, nature and waste. Read more

Sourcing responsibly

Ensure safe and quality products from ethical, traceable and resilient supply chains. Support the Golden Thread of data. Read more

Operating sustainably

Lead by example within our own operations. Deliver Net Zero carbon and reduce operational waste. Read more

Developing the next generation

Upskill our people and the wider industry in Green and Future skills to equip the sector for change. Read more

Strategy in action

1. Significant value opportunity

Increasing the focus on trade customers is a key driver for future growth. Currently 60% of sales are derived from our trade customers who spend on average 5x more than DIY customers. Toolstation’s goal is to increase the participation of trade customers through the following initiatives:

  • Dedicated Business Development Managers
  • Utilising the breadth of the Travis Perkins Group
  • Holding stock depth of key trade lines
  • Loyalty benefits
  • 10-minute click-and-collect offer
  • Targeted digital experience

2. Digital is at the heart

Digital capability is core to the success of Toolstation: 80% of journeys start online and almost 50% of sales are transacted digitally. The app represents over 25% of ecommerce spend and the website has nine million hits each month. The aim is for the customer to have an enhanced digital experience and, through the use of data and digital profiles for each customer, an enhanced experience is ensured.

3. A core investment focus

Toolstation UK represents a significant source of growth for the Group as careful investments continue to be made in the business. The network plan is to add a further 80 branches by 2027, ensuring that Toolstation provides an excellent service to trade customers with 91% of customers being in less than 20 minutes from a branch. The recent investment in Pineham, the new distribution facility for Toolstation, will future-proof the growth of the business beyond the current target of £1bn of sales. The investment in the automation of the facility enables a 33% reduction in labour requirements, providing a market-leading, innovative and cost-effective facility for the Group.

TF Solutions is a distributor of refrigeration, air conditioning and heat pumps. The business was acquired by Travis Perkins in 2017 and has grown from three branches to a 15 branch network covering the UK. The business works closely with BSS and both businesses have benefited from the acquisition. This is a great example of the Group acquiring an adjacent business to expand existing product ranges and provide additional solutions to existing and new customers, especially in retrofit.

Optimal estate plan

With the investment and backing of the Group, the business has accelerated from three to 15 branches, from Glasgow to Exeter, attracting the best people and continuing to develop its technical know-how. The Group’s support has enabled the expansion of TF Solutions’ range into new air heating and cooling sectors like refrigeration, commercial and applied heat pumps, providing further growth opportunities.

Synergies within the Group

Collaborating with their strategic partners in BSS, TF Solutions brings the technical expertise needed to solve
large-scale and complex heat pump projects for customers, delivering against Travis Perkins’ sustainable
ambitions. One-third of the projects that BSS supports could benefit from TF Solutions’ products and expertise, giving significant opportunity for cross-selling and further profitable growth.


TF Solutions has invested in its technical capability in heat pumps to enable it to address the challenge of retrofit, positioning the business as a value-added partner to the Group’s industrial and commercial customer base. The heat pump market in the UK is expected to be in excess of £3bn by 2027, with TF Solutions well-positioned to benefit from this growth and establish itself as a market-leader.

Travis Perkins Managed Services is a leading supply chain and service solutions provider, supporting customers to build and maintain safe, healthy, and sustainable homes. Established in 2004 to support the renewal and retrofit of social housing, it has grown to be the UK’s largest specialist team dedicated to the repairs and maintenance industry. With the right resources and experience, the business has developed to meet the needs of landlords across the UK and has built partnerships in social housing, facilities management and defence.

Strength of the Group

Being part of the Travis Perkins Group gives TP Managed Services a unique position in the UK market. With over 1,250 branches, access to more than 40,000 products and specialist advice from other Group businesses, Managed Services is able to provide unparalleled supply chain solutions. Curating service, product and knowledge elements from across the Group, Managed Services shares expertise with customers as part of its value proposition.

Growth from the core

Growth within Managed Services has been driven by engaging with customers to tackle critical problems like damp and mould, fire safety, and decarbonisation. Understanding customers and sharing new and innovative technologies for updating properties has been integral to delivering on responsible retrofit improvement. Understanding customers’ experiences, empathising with their challenges, and leveraging the collective strength of the Group to provide assistance and enhance value, as housebuilders work towards the Future Homes Standard and social housing landlords tackle the goal of reaching EPC C by 2030.


Analysing customers’ purchasing data and fostering strong collaborations with suppliers has enabled the business to champion innovative products that significantly enhance the energy efficiency of homes. Providing digital ordering solutions and optimising the product mix on customers vans, supports a reduction in journeys needed to restock on materials and contributes to a reduction in emissions.

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Results, reports & presentations

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Investment case

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Discover more about our approach to sustainability, and download key information

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