Travis Perkins plc announces its full year results for the year to 31 December 2022.
Travis Perkins plc, a leading partner to the construction industry, has announced its full year results for the year to 31 December 2022.
Financial highlights:
• Robust revenue growth of 8.9% with elevated levels of materials cost inflation diligently managed
• Adjusted operating profit of £295 million, impacted principally by lower year-on-year property profits and a £15 million charge related to restructuring activities in Q4
• Adjusted earnings per share of 94.6p with lower operating profit partially offset by reduced share count
• Proactive cost actions to deliver benefits of around £25 million in 2023
• Solid performance in the Travis Perkins General Merchant, with further share gains, driven by focus on enhancement of digital capability and expansion of value-added services primarily across Hire, Benchmarx kitchens and Managed Services
• Continued strong performance from the Group’s specialist distributors – BSS, Keyline and CCF. Staircraft now integrated and enhancing the Group’s housebuilder proposition.
• Toolstation returned to good growth in H2 after tough prior year comparatives in H1. Significant investment in expanding infrastructure across both the UK and Europe.
• Positive progress towards sustainability targets, notably a 34% reduction in Scope 1 & 2 carbon emissions during the year.
Nick Roberts, Chief Executive Officer, said: “The Group delivered a resilient trading performance in 2022 which is testament to the capability of our colleagues and the strength of our market leading propositions.
"I would like to thank our teams for their hard work throughout the year and their flexibility to meet customer needs amidst rapidly changing market dynamics.
"In the second half of the year we made some difficult decisions in response to the weaker trading environment and we continue to be watchful of market trends, working closely with our customers and suppliers to stay on the front foot.
"Investment continues in our strategic growth programmes including selectively exploring new destination branches for the Travis Perkins General Merchant, rolling out Toolstation in both the UK and Europe and investing in growing our value-added services, notably Hire, Benchmarx kitchens and our Staircraft business, always being mindful to flex the pace of the programme to reflect market conditions.
"While it is early in the year and macroeconomic uncertainty remains, the combination of our diverse end market exposure, appropriate cost actions and further market share gains driven by continued strategy execution, will enable the Group to deliver another resilient trading performance in the year ahead.
"As a market-leading distributor of building materials products, we continue to benefit from long-term strategic growth drivers in our markets including new environmental and safety legislation and commitments from both public and private sector customers to deliver against net zero targets.
"We are committed to being at the forefront of both decarbonising the construction industry alongside developing the next generation of talent to create value for all of our stakeholders.”
