DJ Travis Perkins plc: half year results for the six months ended 30 June 2024 Travis Perkins (TPK) Travis Perkins plc: half year results for the six months ended 30 June 2024 06-Aug-2024 / 07:00
Travis Perkins Travis Perkins plc: half year results for the six months ended 30 June 2024 06-Aug-2024 / 07:00 GMT/BST =---------------------------------------------------------------------------------------------------------------------- 6 August 2024 Dissemination of a Regulatory Announcement that contains inside information according to REGULATION No 596/2014 Travis Perkins plc - half year results for the six months ended 30 June 2024 Good progress on business improvement actions amidst...
This announcement is current as of 6th August 2024, the date on which it is given. This announcement has not been and will not be updated to reflect any changes since that date. The Group delivered revenue of GBP2,362m, down % versus prior year. The decline in revenue was driven by the Merchanting segment which experienced a combination of activity across the construction sector remaining subdued and significant price deflation, predominantly on commodity products. Toolstation delivered a solid revenue performance, reflecting further market share gains as maturity benefits continue to come through.
The Group recently announced that Pete Redfern has been appointed as Chief Executive Officer with effect from 16 September 2024 and that Geoff Drabble is appointed as a Non-Executive Director with effect from 1 October 2024. Geoff has also been appointed Chair from the same date and will take up the position of Chair as soon as his capacity allows.
In his executive career, Geoff was Group Chief Executive of Ashtead Group plc, the FTSE 100 listed international equipment hire company, from 2006 to 2019 and previously held senior executive positions in Laird Group plc and Black and Decker Corp.Recognising the significant impact of the macroeconomic environment on the Group's profitability, management commenced a series of actions which will transform the business for the future.
-- Technology enablement - driving benefits from new technology, starting with the implementation of the newOracle Finance system -- Reflecting the actions taken to streamline the Benchmarx network, Benchmarx kitchen cabinets are nowbeing solely assembled at the Group's Primary Distribution Hub in Northampton and the Benchmarx assembly facilityin South Molton, Devon has been closed
-- Returning leverage to the target range that the Group set out in its Capital Markets Update in 2021 of1.5 - 2.0x as soon as possible in order to restore an investment grade credit rating However, these factors will take time to take effect and therefore the Group remains focused on business improvement actions to drive efficiencies and enhance cash generation, ensuring that the benefits from a recovery are fully maximised.
The Toolstation France charge reflects adjustments to stock provisions and lease liabilities made as a result of the decision to exit the business, as well as legal costs. Segmental performance Merchanting Whilst conditions are set for a pickup in new housebuilding activity, the domestic RMI market continues to remain weak. The certainty provided from an earlier than anticipated general election was welcome but resulted in near-term delays to public sector activity which is reflected in the first half volume performance.
H1 2024 H1 2023 Change Revenue GBP420m GBP410m 2.4% Like-for-like growth 0.7% 5.9% Adjusted operating profit - UK GBP14m GBP9m 55.6% Adjusted operating profit - Europe GBPm GBPm 21.1% Adjusted operating profit - Total GBPm GBPm 90.
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