Builders’ merchant says income last year was up a quarter last year to £4.5bn
Booming demand sent revenue at Travis Perkins up a quarter last year with the firm returning a thumping pre-tax profit after the covid-19 pandemic wrecked its numbers in 2020.
The builders’ merchant said demand from the repair and maintenance market and the new build housing market helped revenue climb 24% to £4.6bn with pre-tax profit returning to the black at £305.6m from a £20m loss last time.
Travis Perkins, which demerged its Wickes DIY business last April before selling its Plumbing & Heating business for £325m a month later, said like-for-like revenue was up 25.4% with its adjusted operating profit up 175% to £353m.
Chief executive Nick Roberts said: “Whilst the rapidly recovering market created challenges around inflation and product availability, we have navigated them well to deliver an outstanding financial performance, enabled once again by the hard work of our fantastic colleagues.
“The group has built a strong platform for growth and, given robust end market demand and a positive start to the new year, we remain confident of making further progress in 2022.”
Revenue from its Toolstation business, which sells workwear, tools, screws and fixings, was up 20% to £761m.
In June 2020, the firm said it would close 144 branches as part of a restructuring initiative which it has now completed with the firm having shelled out close to £30m on redundancy payments and £46m on property costs.
But it said the closures had created a credit of £6.8m last year after it said it managed to end the leases of several branches for the less than the liability for which it had budgeted.