Travis Perkins feels the chill as plumbing, heating hit FY profits
A poor return from heating and plumbing at builder supplier Travis Perkins led to a 67.4% dive in full year pre-tax profits.
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The company reported profits of £73m. Adjusted operating earnings were down 1% to £409m although revenues were up 4.6% to £6.2bn.
An exceptional non-cash impairment charge of £235m has been taken against goodwill and intangible and tangible assets, mainly in the plumbing & heating and tile businesses, Travis said.
It added that it was reviewing operations in plumbing and heating.
"The sharp decline in the value of sterling since June 2016 has created cost pressures on imported goods and materials, and the expectations for secondary housing market transactions and growth in the repair, maintenance and improvement market have weakened," said chief executive John Carter.
The full-year dividend increased 2.3% to 45p a share.