By Travis Perkins is contemplating its departure from Toolstation France and exploring options for Toolstation Benelux following a significant drop in pretax profit due to challenging market conditions.
Financial Performance
- Pretax profit for the year ended Dec. 31 totaled £70.0 million, down from £245.0 million in the previous year. An impairment charge of £60 million was incurred in 2023 linked to Toolstation France and Benchmarx.
- Adjusted operating profit stood at £180 million compared to £295 million, trailing the company’s projected figure of around £180 million.
- Revenue for the year amounted to £4.86 billion, a decrease from £4.995 billion.
- The board announced a dividend of 18.0 pence per share, reduced from 39.0 pence but consistent with its policy.
Strategic Actions
Travis Perkins aims to enhance profitability and fortify its balance sheet through proactive measures, including a business restructuring with staff reductions estimated to save approximately £35 million.
Despite the uncertain timing of market recovery, Chief Executive Nick Roberts expressed confidence that the company’s resilience, customer relationships, and unique offerings will position Travis Perkins favorably for future growth.
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