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Travis Perkins outperforms market

Builders’ merchant Travis Perkins is outperforming the market across its divisions with group revenues up 8 per cent for the year ended 31 December 2010. 

The company has posted adjusted profits up 20 per cent to £217m with total sales now at £3.15 billion.

The adjusted figures hide the cost of one-off items such as the acquisition of BSS but represent a firm outperforming the market by around 4 per cent in merchanting and 6 per cent in retail.

And initial figures for 2011 provide an early indication of a strong spring with like-for-like sales in January up 22 per cent in merchanting, 8 per cent in BSS and 12 per cent in retail.

While these comparitives reflect the frozen start to last year, the first three weeks of February are also strong, with a 10 per cent increase in like-for-like sales in merchanting, five per cent in BSS and a 2 per cent increase in retail.

However the group’s Wickes division has fared less well with kitchen and bathroom orders down 3 per cent in January and 36 per cent in February.

Travis Perkins chief executive Geoff Cooper said the group had made excellent progress in 2010 against a depressed background.

“The group achieved further market share gains and impressive increases in profits. The group’s strategic position and prospects in the UK have been considerably strengthened through the recent completion of the BSS.

“Our three main targets for 2011 are to drive organic growth, drive cash generation and to integrate BSS to get the best out of the acquisition. We have made a strong start to 2011 and consequently we look forward to another year of good progress.”

 

 2010 2009
 £m%£m
Revenue3,152.87.62,930.9
Adjusted:   
Operating profit239.06.4224.6
Profit before taxation216.720.4180.0
Profit after taxation156.917.2133.9
Adjusted earnings per ordinary share (pence)77.22.775.2
Statutory:   
Operating profit219.8(14.6)257.3
Profit before taxation196.8(7.5)212.7
Profit after taxation141.3(10.2)157.4
Basic earnings per ordinary share (pence)69.6(21.3)88.4
Total dividend declared per ordinary share (pence)15.0p  

 

 

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