Leading UK builders merchanting group Travis Perkins saw its annual pre-tax losses grow to £134.7m (2024: -£38.4m) in the year ending December 31.
The group reported 2025 revenue of £4.56bn (2024: £4.60bn). According to the group annual results, the losses were deepened by Toolstation Europe impairments and restructuring totalling £99m (2024: £0), as well as merchanting impairments of £111m (2024: £63m).
However, it said that the operational challenges in H1 2025 receded as a sharper competitive proposition drove H2 recovery, with the general merchant business starting to retake market share.
The group’s core merchanting business saw adjusted operating profit fall 18% to £122m (2024: £149m), with revenue at £3.72bn (2024: £3.78bn)
Other highlights included its Toolstation UK business – which has 590 UK branches –continuing to see strong earnings growth. Up to 20 new stores are planned in 2026.
Toolstation UK’s adjusted operating profit was up 29% to £44m (2024: £34m).
“We have made significant operational progress over the past year,” said Gavin Slark, Group CEO.
“We have a fully resourced senior management team in place, have successfully overcome the difficulties associated with implementing a new IT system and have taken action to reduce the administrative overheads in our central and regional teams,” he said.
“However, it is the strength of our balance sheet that now provides the necessary resilience and flexibility to underpin our competitiveness in what remains a challenging market backdrop for UK construction activity. We will maintain our disciplined and selective approach to capital allocation as we navigate our way back to better market conditions.”
Travis Perkins also reported £40m of property and employee inflation, with £12m from nine months of the NI impact. The sale of the Staircraft business also incurred a loss.
The Toolstation Benelux business, which has 109 branches, has been loss-making for a number of years and the Group is reviewing all strategic options for it.
