Firm to slow investment in non-priority areas
Builders’ merchant Travis Perkins will slow investment in non-priority areas as the firm said it expected the market to be “mixed” throughout 2018.
Chief executive John Carter (pictured) said business in 2017 at the firm, whose brands include Wickes, BSS and Toolstation, had been marked by “continuing uncertainty in our end-markets and declining consumer confidence throughout the year”.
He added: “In 2018, we anticipate that the mixed market backdrop will continue. As a result, we will be focusing capital investment behind our key priorities and slowing investments elsewhere.”
The firm’s clients range from big builders to one-man bands.
Revenue in 2017 was up 3.5% to £6.4bn while pre-tax profit recovered from £73m in 2016 to £290m last year. But adjusted pre-tax profit was down 10% to £343m.