Travis Perkins plc - first quarter trading update for the three months to 31 March 2024
April 25, 2024 at 02:02 am EDT
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Travis Perkins (TPK)
Travis Perkins plc - first quarter trading update for the three months to 31 March 2024
25-Apr-2024 / 07:00 GMT/BST
25 April 2024
Travis Perkins plc, a leading partner to the construction industry, announces its first quarter trading update for the three months to 31 March 2024
As anticipated, trading remained challenging as macroeconomic uncertainty continues to impact demand across the construction sector. This resulted in Group revenue being down by (3.7)%* in the first quarter.
The General Merchant business continues to gain market share but, with trading volumes remaining subdued, sales across the Merchanting segment were down by (4.4)%* in the quarter. Pricing has largely stabilised but remains lower than prior year, primarily due to the rollover impact of timber deflation, with this trend expected to continue through the first half of the year.
Toolstation UK, facing into weak RMI demand, saw revenues decline by (0.9)%*. The business remains focused on delivering long-term loyalty and sustainable value leadership whilst driving benefits from recent infrastructure investment.
Following the delivery of £35m of cost savings from a reduction in regional and central headcount, work continues to address loss-making activities within the Group’s portfolio and to access longer-term structural benefits. These will be achieved through the simplification of the Group’s operating model, reducing supply chain costs and harnessing the benefits from new technology. Management will provide an update on progress at the Group’s half year results on 6th August 2024.
Q1 2024
Merchanting
Toolstation
Group
Price and mix
(4.2)%
2.5%
(3.1)%
Like-for-like volume
0.0%
(3.4)%
(0.6)%
Like-for-like revenue growth
(4.2%)
(0.9)%
(3.7)%
Network changes
(0.2)%
0.9%
0.0%
Trading days
(1.6)%
1.2%
(1.2)%
Total revenue growth
(6.0)%
1.2%
(4.9)%
* Trading day adjusted
Enquiries:
Travis Perkins
FGS Global
Matt Worster
Faeth Birch / Jenny Davey / James Gray
+44 (0) 7990 088548
+44 (0) 207 251 3801
matt.worster@travisperkins.co.uk
TravisPerkins@fgsglobal.com
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ISIN:
GB00BK9RKT01
Category Code:
QRF
TIDM:
TPK
LEI Code:
2138001I27OUBAF22K83
OAM Categories:
3.1. Additional regulated information required to be disclosed under the laws of a Member State
Travis Perkins plc is a distributor of building materials in the United Kingdom. Its Merchanting segment includes brands, such as Travis Perkins, BSS, Keyline, and CCF. Travis Perkins is a general merchant, offering a destination for heavy side products, complemented by light side convenience. BSS supplies commercial and industrial heating and cooling solutions, supplying specialist contractors with a variety of products from 69 branches and two distribution centers. CCF distributes insulation and interior building products from 36 branches to contractors throughout Great Britain. Keyline supports housebuilders, groundworkers and infrastructure contractors to build and redevelop facilities. Its Toolstation segment is a supplier of a range of products to trade, do-it-yourself customers. Toolstation operates from 570 branches across Great Britain and is growing in the Netherlands, Belgium and France. Its product mix includes plumbing and heating, heavy side, light side, and timber.