Travis Perkins’ revenues dip amid ‘challenging’ market

Northants-based building materials supplier Travis Perkins says “trading conditions have remained challenging” as the firm continues to see a decline in revenue.

The firm reported a 4.4% drop in revenue in the first half of the year, citing weak demand and falling prices.

In March, profits had already plunged by 80%, with no expected improvement this year.

The company recognised £32m in adjusting items in the first half, resulting in an operating profit of £38m, down from £107m in 2023.

Outgoing chief executive Nick Roberts said: “Trading conditions have remained challenging through the first half of the year and we have continued to prioritise delivering for our customers whilst also recognising that a persistently lower volume environment means that we have to deliver a simpler, more efficient business. Whilst market conditions have impacted on our trading margin, we have made good progress on managing our overhead base and generating cash.

“With a new government quickly setting out its plans to reform planning to deliver more housing and infrastructure, and the expectation of an easing in macroeconomic conditions, the group is focused on ensuring that it is well placed to maximise the benefits from both a future recovery in demand and the long term requirement for the UK to expand and decarbonise its housing stock.”

Former Taylor Wimpey boss Pete Redfern will join as chief executive next month, with incoming chair Geoff Drabble joining the board in October.