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Travis Perkins overcomes depressed construction market
Wednesday, 22nd February 2012
Builders' merchant and DIY retailer Travis Perkins said today revenue was up 52% at £4.779bn in the year to end-December, up 6% on a like-for-like basis, while adjusted profit before tax increased 37% to £297m. The Wickes DIY chain operator said adjusted EPS was up 21% to 93.1p.
Proforma adjusted group operating margin was maintained at 6.6%.
Net debt was reduced by £191m to £583m with adjusted net debt to EBITDA of 1.3x.
Total dividend per share is up by 33% to 20p, including a final dividend of 13.5p.
The group said BSS acquisition synergies realised in 2011 exceeded expectations at £20m and expected synergies for 2012 are increased to £30m. The BSS integration is ahead of schedule.
The 13 ex-Focus stores acquired are trading ahead of expectations.
Geoff Cooper, CEO, commented: "2011 was a good year for Travis Perkins. Despite a depressed construction market, we improved services to customers, gained market share, even before the expansion of our network and exceeded our targets from the integration of BSS, continued to outperform our markets, and won further market share. This meant we achieved a good set of financial results with improvements in all key figures."
"Having built the UK's largest distributor of building materials, we will be focusing on growing returns. With the prospect of the market softening as we go into 2012, the continued improvement in our offer to customers and gains from strategic developments will be the engine of this growth. Our management team has proven itself capable of performing well in tough markets and outgrowing our competitors. We look forward to another year of solid progress."
Story provided by StockMarketWire.com
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