Travis Perkins swings from £35m loss as it sails through inflationary headwinds
Travis Perkins has swung from a £35m loss in 2020, raking in £241m in profit in 12 months, despite inflationary headwinds.
Revenue jumped 24 per cent to £4.5bn in the year to December 31, as the building materials business continues its pandemic-era momentum – which saw many households undertaking DIY projects during lockdown.
“2021 has been a year of significant operational and strategic progress for the group, completing our portfolio actions and subsequently setting out our ambition to be the leading partner to the construction industry,” CEO Nick Roberts said.
“Whilst the rapidly recovering market created challenges around inflation and product availability, we have navigated them well to deliver an outstanding financial performance, enabled once again by the hard work of our fantastic colleagues.”
Travis Perkin managed to grow its operating profit from £26m in 2020 to £349m in 2021, following the demerger of Wickes.
Basic earnings per share also rebounded from a 14.3p loss in the year the pandemic hit the UK, to 103.9p last year.
“The group has built a strong platform for growth and, given robust end market demand and a positive start to the new year, we remain confident of making further progress in 2022,” Roberts added.
“The long-term fundamentals of our end markets continue to be robust and the group is well placed to invest in growth opportunities to create value for all of our stakeholders.”