Travis Perkins plc has presented its full year results for 2021, detailing the performance of its continuing operations following the demerger of Wickes and the sale of its Plumbing & Heating business last year (in April and May respectively).
The company has reported “a year of significant strategic and operational progress, building a strong platform for future growth”. It states that that it has “successfully refocused the organisation around the Group’s ambition to become the leading partner to the construction industry” following the Wickes demerger and Plumbing & Heating (P&H) business sale with like-for-like revenue growth of 25.4% (14.4% ahead of 2019 for continuing operations).
The “strong revenue performance” was said to be driven by an “enhanced customer proposition and robust recovery in key market segments” with an “excellent performance in Merchanting resulting from volume growth, improved operational focus and a streamlined cost base”. 2021 was also “another strong year for Toolstation” following an acceleration of its UK rollout accelerated and “scale building in Europe”.
Adjusted operating profit of £353m was reported by the Group, 19% ahead of 2019 (continuing businesses only).
Nick Roberts, Chief Executive Officer, said: “Whilst the rapidly recovering market created challenges around inflation and product availability, we have navigated them well to deliver an outstanding financial performance, enabled once again by the hard work of our fantastic colleagues.
“The Group has built a strong platform for growth and, given robust end market demand and a positive start to the new year, we remain confident of making further progress in 2022. We continue to develop new capabilities to complement our market leading positions and we see exciting opportunities in both new and adjacent markets, driven by our desire to be at the forefront of delivering change and decarbonisation within our industry.
“The long-term fundamentals of our end markets continue to be robust and the Group is well placed to invest in growth opportunities to create value for all of our stakeholders.”
Travis Perkins plc — Group Performance (continuing businesses only, with Retail and Plumbing & Heating segments treated as discontinued operations)
| 2021 | 2020 | Change | |
| Revenue | £4,587m | £3,698m | 24.0% |
| Like-for-like revenue growth | 25.4% | (10.0)% | |
| Adjusted operating profit | £353 | £128 | 175.8% |
| Adjusted earnings per share | 107.3p | 21.0p | 411.0% |
Segmental performance
Merchanting
| 2021 | 2020 | Change | |
| Total Revenue | £3,826m | £3,065m | 24.8% |
| Adjusted operating profit* | £320m | £152m | 110.5% |
| Adjusted operating margin | 8.4% | %.0% | 340bps |
| ROCE | 15.6% | 7.3% | 8.3ppt |
| Branch network | 860 | 846 | 14 |
*Excluding property profits
Toolstation
| 2021 | 2020 | Change | |
| Total Revenue | £761m | £633m | 20.2% |
| Like-for-like growth | 12.3% | 22.2% | |
| Adjusted operating profit* | £22m | £8m | 175.0% |
| Adjusted operating margin | 2.9% | 1.3% | 160bps |
| ROCE | 4.5% | 1.8% | 2.7ppt |
| Branch network (UK) | 530 | 460 | 70 |
| Branch network (Europe) | 123 | 83 | 40 |
| Memo: UK adjusted operating profit* | £42m | £24m | 75.0% |
*Excluding property profits
Click here for more information, and to see the full Travis Perkins plc 2021 results.
