The CEO of Travis Perkins has praised a “good performance” in the company’s half year results.
For the six months ended 30 June 2022 revenue grew 10.3% to £2.53bn from £2.29bn in the same period of last year.
Meanwhile the Northampton-based company posted a pre-tax profit of £136.6m, down from £145.7m in the first six months of 2021.
Nick Roberts, Chief Executive Officer, said: “The group has delivered a good performance during the first half of the year, once again demonstrating the capability to navigate challenging market conditions.
“Our Merchant businesses continue to perform well, taking market share and extending their market leading positions by developing the customer proposition to meet changing requirements within their respective markets.
“Toolstation’s customer base returned to its core trade customer in the period following exceptional trading during the pandemic. We have made great progress in enhancing the trade offer in Toolstation and customers have responded positively. We remain as confident as ever in the long term growth potential of the business and in our UK investment programme, whilst also increasing investment in Toolstation Europe to take advantage of the opportunities we see in those markets.
“Whilst we are cognisant of the current macroeconomic uncertainty, our diverse end market exposure, broad trade customer base and strong balance sheet provide resilience against changes in market conditions. The strong performance of our Merchant businesses is set to continue into the second half, driven by our agility in managing inflation and by our leading service propositions. This will be offset by a combination of the normalisation of Toolstation’s customer base and the increased investment in the Toolstation growth opportunity in the UK and Europe. As a result, we expect the group overall to deliver a full year performance broadly in line with market expectations.”
