Revenue and profit have dipped at Travis Perkins, the builders merchant, according to half year results for the six months ended 30 June 2023.
Revenue of £2.47bn was down 2.5% compared to the same period of 2022, while adjusted operating profit of £112m was down 31%.
The company said this reflects weak market volumes in private domestic RMI and new build housing.
Full year adjusted operating profit is expected to be around £240m.
Nick Roberts, Chief Executive Officer, said: “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.
“Given the market backdrop, we are relentlessly focused on meeting our customers’ needs in core categories and supporting our local branch managers to grow share of wallet, particularly with general builder and professional trade customers, by making it simpler and easier to transact with us through our digital channels and in our branches.
“I am pleased with the continued progress we are making on the development of value-added services, as shown in the growth of Managed Services and Hire, and also with the market share gains coming through in Toolstation.
“Whilst near-term trading is expected to remain difficult, we continue to work to position the Group to benefit from the long term structural drivers in our end markets.
“The opportunities presented by the requirement to decarbonise the UK’s built environment and address the shortage of both private and social housing remain significant and our unique portfolio of businesses, coupled with the development of innovative solutions for our customers, will enable the Group to deliver long term growth and create value for shareholders.”
