Travis Perkins ‘needs to refocus’ after £77m loss
Travis Perkins has reported a challenging year, with falling trading volumes and price deflation leading to pre-tax losses of £77m.
Amid ongoing difficulties, CEO Pete Redfern resigned on 10 March 2025 due to ill health, with chair Geoff Drabble stepping in to lead the management team in the interim.
The Northamptonshire-based builders’ merchant saw revenue decline by 4.7% for the year ending 31 December 2024, driven by weakening market conditions and underperformance in its Merchanting segment.
Drabble said: “It is clear to the management team that there are several areas where the business needs to refocus and change the way it operates in order to better serve our customers and effectively support our suppliers. Several initial steps have been taken under Pete Redfern’s leadership to begin rebuilding trust and confidence, both internally and externally, with focused leadership roles restored in all our businesses and actions taken to re-engage and motivate our teams.
“These changes will make our businesses more responsive and bring them closer to our customers. Following Pete’s resignation, the priority is to ensure this work continues at pace, whilst the Nominations Committee of the Board identifies the right long-term successor.”
The company attributes its struggles to a tough market environment, citing high inflation, rising interest rates, and weak consumer confidence as key factors behind the downturn in the construction sector.
Leadership changes and strategic shifts have further shaped what has been a turbulent period for the business.
Drabble continued: “Whilst uncertainty remains regarding the strength and timing of a recovery in UK construction activity, with more resources re-deployed into customer-facing roles, the Group is now better placed to benefit from returning demand. This will be supported by disciplined capital allocation, focused on upgrading and protecting our core competitive advantages, and a clear customer-focused strategy owned by the leaders of the business. I am confident that this approach will provide attractive returns for shareholders over the medium term.”
