Builders’ merchant Travis Perkins has battled through a challenging first half of the year, with profits and revenue declining.
For the six months ended 30 June 2024, the business delivered revenue of £2.3bn, down 4.4% versus the same period of the prior year.
The decrease in revenue was driven by the firm’s Merchanting segment which experienced a combination of activity across the construction sector remaining subdued and significant price deflation, predominantly on commodity products.
Adjusted operating profit of £75m, meanwhile, was £37m lower than the first half of 2023.
Moreover, adjusting items of £32m recognised in the first half resulted in statutory operating profit of £38m, down from £107m.
Nick Roberts, Chief Executive Officer, said: “Trading conditions have remained challenging through the first half of the year and we have continued to prioritise delivering for our customers whilst also recognising that a persistently lower volume environment means that we have to deliver a simpler, more efficient business.
“Whilst market conditions have impacted on our trading margin, we have made good progress on managing our overhead base and generating cash.
“With a new government quickly setting out its plans to reform planning to deliver more housing and infrastructure, and the expectation of an easing in macroeconomic conditions, the Group is focused on ensuring that it is well placed to maximise the benefits from both a future recovery in demand and the long term requirement for the UK to expand and decarbonise its housing stock.”
