Travis Perkins has reported a 31% drop in profits to £122 million amid “challenging” market conditions.
In the six months ended 30 June 2023, the parent company of Toolstation attributed the fall in profits to weak domestic and new build housing markets for the poor performance.
Revenues fell by 2.5% in the period to £2.47 billion as the company expects its adjusted operating profit for the full year to be around £240 million.
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“Market conditions have been challenging, which is reflected in both our first half performance and our outlook for the balance of the year,” CEO Nick Roberts said.
“The group remains focused on striking the appropriate balance between seeking to protect shorter-term profitability, delivering our strategic objectives and being well placed to benefit when market conditions improve.”
He added: “Whilst near-term trading is expected to remain difficult, we continue to work to position the group to benefit from the long-term structural drivers in our end markets.”
The Leading Retailer added that it has made further progress on building a sustainable business with a primary focus on decarbonisation.
Roberts continued: “The opportunities presented by the requirement to decarbonise the UK’s built environment and address the shortage of both private and social housing remain significant and our unique portfolio of businesses, coupled with the development of innovative solutions for our customers, will enable the group to deliver long term growth and create value for shareholders.”
Leading Retailer Toolstation, owned by Travis Perkins, features as a case study in the RXUK Top500 Report 2023:
