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Travis Perkins chief executive to retire next March as company reveals results

Travis Perkins chief executive Geoff Cooper is to retire on 6 March next year, stepping down from the top job on 1 January.

He is to be succeeded by current deputy John Carter and will remain in place as a senior management adviser, with a brief to assist future development of the Toolstation business for 12 months.

The firm has also today published interim results for the half-year to 30 June 2013, revealing a revenue growth of 1.6 per cent, alongside a £5m increase in profits, which hit £136m.

Revenue jumped by 7 per cent in the final two months of the period.

Profit after tax, however, dropped 18.9 per cent to £106m, while net debt shrank by £46m to £406m.

The beginning of the year was described as “very tough”, with the group citing “significant deflation” as having an impact on the business.

This was offset by a step up in performance in May and June, with the Specialist division boosting its revenue by 8 per cent.

 The FTSE 100 firm is the largest supplier of building and construction materials in the UK.

Mr Carter began his career with Sandell Perkins as a management trainee in 1978,.

Non-executive chairman Robert Walker said: “Geoff has made an outstanding contribution to the success of Travis Perkins.

“He has managed the company through a number of important landmarks and has created and led a management team that is widely regarded as the best in the sector; the culmination of a very successful executive career.

“He will of course be missed and we wholeheartedly wish him well as he develops his plural career.

“John will be an excellent successor to Geoff. His entire career has been spent with Travis Perkins and he too has made a huge contribution to our success over a long period of time.

“He is one of the most experienced and highly regarded senior managers in the industry and the board has every confidence that, working with our CFO Tony Buffin, he will lead our executive team with distinction and continue to drive the company forward.”

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