Travis Perkins, the Northamptonshire-based builders’ merchant, witnessed “robust revenue growth of 8.9%” in 2022, while profits slipped in what the company says was a challenging year with rapidly changing market conditions.
According to full year results for the year to 31 December 2022, revenue sat just under £5bn, growing from £4.6bn in 2021.
Adjusted operating profit of £295m, meanwhile, was down from £353m in 2021, impacted principally by lower year-on-year property profits and a £15m charge related to restructuring activities in the fourth quarter.
Pre tax profit hit £245m, down from £305.6m in 2021, while total profit after tax was £192m, dipping from £241m.
Despite this the year reportedly saw a “solid performance” in Travis Perkins General Merchant, “continued strong performance” from the group’s specialist distributors – BSS, Keyline and CCF – and a return to “good growth” in the year’s second half for Toolstation.
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.
“Whilst 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.”
