COO steps down at Travis Perkins as firm reports ‘solid’ year

Profits and revenues grew slightly at Northampton-based Travis Perkins after a “solid” year of trading.

Revenue was up nearly 5% to £6.7bn last year, while adjusted profit before tax rose by 1.2% to £347m.

John Carter, chief executive, said: “The Group delivered a solid performance overall in 2018 despite a challenging market backdrop. We took concerted self-help actions during the year, and the benefits of this cost reduction, together with improved trading, drove an improved profit performance in the second half of the year.

“In the longer term, the Group remains focused on generating sustainable profitable growth for shareholders and we will achieve this by allocating capital and resources to our most advantaged businesses. We are making good progress on the preparation for the disposal of the Plumbing & Heating division, and are seeing an encouraging improvement in trading and good momentum in Wickes.

“Whilst we remain positive about the long-term outlook for our end markets, we are planning for uncertain market conditions to continue in the near term. The Group remains focused on self-help actions to underpin performance in the near term, whilst continuing to invest for the future.”

Meanwhile, Travis Perkins has said that its chief operating officer, Tony Buffin, is standing down after nearly six years with the firm. The news comes after the firm says it is removing the existing divisional structure across its merchanting businesses.

Buffin said: “I feel privileged to have worked with all of our amazing colleagues and to have been a member of the management team and Board as we have significantly expanded the business. I believe its renewed purpose and focus will lead to an even stronger and brighter future for the Group.”