Wednesday, September 30, 2020

Travis Perkins reports pre-tax loss of over £100m

Northampton-headquartered Travis Perkins has posted loss before tax of over £100m, according to interim results for the six months ended 30 June 2020, with performance in the first half of 2020 significantly impacted by the COVID-19 pandemic.

The company reported a loss before tax of £113m, sliding from a profit of £12m in H1 2019. Meanwhile revenue fell 20% to £2.781bn, from £3.484bn in the same period of 2019.

Nick Roberts, Chief Executive Officer, said: “Throughout the pandemic, the health and safety of our colleagues and customers has been our primary concern. Customer interactions have changed significantly resulting in changes to the way we do business, from increased activity through digital channels through to alterations to our physical store formats in order to maintain safe working practices.

“Although our financial performance in the first half of 2020 was impacted by the Covid-19 pandemic, and we have had to undertake a restructuring programme in light of the challenging outlook for the Group’s end markets, we have made significant strategic and operational progress against the four strategic priorities we outlined at our full year results in March 2020.

“Although considerable uncertainty around the impact of the COVID-19 pandemic remains, the actions we have taken to adapt and innovate in our businesses mean that the Group is well placed to continue to service our customers, support our colleagues, outperform our markets and generate value for our shareholders.”

In June it was revealed that the company was cutting 2,500 jobs and closing 165 branches.

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