Leading partner to the construction industryAs 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. |
Half year results 2023 downloads:
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“Market conditions have been challenging, which is reflected in both our first half performance and our outlook for the balance of the year. The Group remains focused on striking the appropriate balance between seeking to protect shorter term profitability, delivering our strategic objectives and being well placed to benefit when market conditions improve.”
Nick Roberts, CEO, Travis Perkins plc
Financial highlights:
Revenue
Revenue growth
Adjusted operating profit
Net debt before leases
Adjusted EPS
Financial highlights:
Revenue of £2,472m down 2.5% and adjusted operating profit of £112m down 31%
Adjusted earnings per share of 30.5p down 41%
Strong cash conversion at 105% driven by tight working capital management
Lease-adjusted leverage (net debt / EBITDA) of 2.1x
Interim dividend maintained at 12.5 pence per share
Full year adjusted operating profit expected to be around £240m
Operational highlights:
Merchanting saw resilient demand across commercial, industrial, infrastructure and public sector markets. However, performance was impacted by weakness in new build housing and private domestic RMI
Toolstation delivered market share gains, with revenue up 9.0%
Toolstation UK’s new 500,000 square feet distribution centre in Pineham, Northamptonshire is on track to open in the third quarter of 2023
Proactive cost actions and continued cost discipline ensured that overhead inflation was mitigated
Further progress on building a sustainable business with primary focus on decarbonisation
Market overview:
The market for construction materials is approximately £78bn, with £60bn coming through distribution channels. The Group serves four major end-markets, with just over half of revenues coming from private domestic housing and the balance being split between the commercial & industrial market and the public sector.
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