Business
Travis Perkinsplc: Full year results for the ...
Travis Perkinsplc: Full year results for the ....
About this update from Travis Perkins Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nTravis Perkins (TPK)\n\n\n\n\n\n\nTravis Perkinsplc: Full year results for the year to 31 December 2023 05-March-2024 / 07:00 GMT/BST\n\n\n5 March 2024\n\n \n\nDissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)\n\n \n\nTravis Perkins plc, a leading partner to the construction industry, announces its unaudited full year results for the year to 31 December 2023\n\n \n\nA challenging year in weak market conditions; driving actions to support profit recovery and enhance cash generation\n\nProtecting market position in challenging conditions\n\nProgressive downturn in new build housing and private domestic RMI markets leading to Group revenue (2.7)% lower than prior year\n Combination of lower volumes, overhead cost inflation and rapid commodity price deflation in H2 resulted in full year adjusted operating profit of £180m (2022: £295m)\n Invested to protect and build market positions with market share gains in both Toolstation and Travis Perkins General Merchant\nTransforming the operating model to build a stronger business\n\nStep change reduction in non-branch cost base delivered with £35m annualised savings\n Working on a plan for a potential exit of Toolstation France; strategic review of options for Toolstation Benelux\n Optimising Benchmarx branch network with focus on integrated offer within destination General Merchant branches and profitable standalones\n Continued rationalisation of legacy Toolstation UK supply chain, following successful opening of the new Pineham distribution centre\n Delivering profit enhancements through simplification of Group structures, lowering supply chain costs and harnessing benefits from new technology\n Operating profit of £110m (2022: £285m) reflects trading performance and adjusting items of £60m recognised in 2023 (of which around £16m is cash) related to impairments in Toolstation France and Benchmarx, together with restructuring actions\nEnhancing cash generation to support future capital allocation\n\nReduced capital expenditure requirements in near term; £80m guidance for 2024\n Review of working capital opportunities underway\n Refinancing completed, supporting robust balance sheet; no funding maturities before 2026\n In line with the Board’s policy, 2023 propos...