Builders’ merchant Travis Perkins has confirmed a 20 per cent rise in pre-tax profits for the year ended 31 December 2010.
As represented in initial figures reported by CN in February, the company’s annual report said profits reached £217 million, with revenues up 8 per cent and total sales at £3.15 billion.
The report, published in full today, estimates the firm has outperformed the market by around 4 per cent in merchanting and 6 per cent in retail.
Net debt was reduced by £205m before taking into account the acquisition of plumbing and heating specialist BSS and a one-off pension contribution. Year end net debt was £774m. The adjusted group operating margin before the BSS impact increased by 0.1 per cent to 7.8 per cent.
A final dividend of 10 pence per share, together with the interim dividend of 5p per share paid last November, provides a total for 2010 of 15 pence per share, absorbing £35m of cash.
Chief exectuive Geoff Cooper said: “The main programmes boosted at the beginning of 2010 cover product availability, ranging, delivery services, multi channel trading and account management. Behind these programmes significant support is provided by our central technology, supply chain, procurement and marketing function.”
He said the ‘quality of flexibility’ was down to the ‘culture of our managers and the way we organise ourselves’.