Travis Perkins hails ‘good’ first half performance
Travis Perkins has said it put in a good first half performance with revenue increasing by 10.3% £2.53 billion.
Meanwhile adjusted operating profit in the year to 30 June was broadly in line with the prior year at £163 million.
The group said its merchant division grew its revenue and adjusted operating profit by 13.3% and 9% respectively in the period.
However, revenue at Toolstation fell by 4.6% due to reduced DIY sales post-pandemic.
Nick Roberts, chief executive of Travis Perkins, said: “The group has delivered a good performance during the first half of the year, once again demonstrating the capability to navigate challenging market conditions.
“Our merchant businesses continue to perform well, taking market share and extending their market leading positions by developing the customer proposition to meet changing requirements within their respective markets.
“Toolstation’s customer base returned to its core trade customer in the period following exceptional trading during the pandemic.”
During the period, Travis Perkins enhanced its trade offer at Toolstation and is currently increasing investment in Europe for the business as it looks to take advantage of new opportunities in the market.
The group said the strong performance of its merchant businesses is set to continue into the second half.
Roberts added: “Whilst we are cognisant of the current macroeconomic uncertainty, our diverse end market exposure, broad trade customer base and strong balance sheet provide resilience against changes in market conditions. “
