Travis Perkins, the Northampton builders’ merchants, have witnessed “strong” growth according the business’s audited results for the financial year ended 31 December 2018.
Revenue grew 4.9% on a like-for-like basis to over £6.7bn and profit before tax is up by 1.2%, reaching £347m.
John Carter, Chief Executive Officer, said: “The Group delivered a solid performance overall in 2018 despite a challenging market backdrop. We took concerted self-help actions during the year, and the benefits of this cost reduction, together with improved trading, drove an improved profit performance in the second half of the year.
“In December 2018, we set out our intention to focus on delivering best-in-class service to trade customers and to simplify the Group. To that end, removing the divisional structure within Merchanting will enable an increased focus on customers at a business unit level, speed up decision making and, at the same time, reduce costs.
“In the longer term, the Group remains focused on generating sustainable profitable growthfor shareholders and we will achieve this by allocating capital and resources to our most advantaged businesses. We are making good progress on the preparation for the disposal of the Plumbing & Heating division, and are seeing an encouraging improvement in trading and good momentum in Wickes.
“Whilst we remain positive about the long-term outlook for our end markets, we are planning for uncertain market conditions to continue in the near term. The Group remains focused on self-help actions to underpin performance in the near term, whilst continuing to invest for the future.”
Travis Perkins have also announced that due to the changing shape of the Group, there will no longer be a Board-level Chief Operating Officer role and thus Tony Buffin will step down from the Board and will be leaving the business. Tony joined Travis Perkins plc as Group Chief Financial Officer in April 2013, before being appointed as Group Chief Operating Officer in 2017.
Tony Buffin said: “I feel privileged to have worked with all of our amazing colleagues and to have been a member of the management team and Board as we have significantly expanded the business. I believe its renewed purpose and focus will lead to an even stronger and brighter future for the Group.”