Travis Perkins sees profits soar in 2021

3 March 2022


National merchanting giant Travis Perkins plc (TP) has seen a near tripling of adjusted profits (EBITDA) to £353m for the full year 2021.

The company posted a 175% rise in its adjusted earnings (2020: £128m), while revenue rose 24% to £4.58bn (2020: £3.69bn). The figures also look good when compared to pre-pandemic levels, with volumes and pricing both up 7% on 2019.

The largest TP merchanting division – merchanting – saw revenues grow 24% to £3.82bn and adjusted operating profits rise 110% to £320m. The excellent performance was driven by strong operational delivery underpinned by a broad-based RMI-led recovery.

The merchanting division comprises the TP builders’ merchant chain, BSS, Keyline and CCF.

The group’s Toolstation business also had a strong performance with its adjusted operating profits growing 175% to £22m (2020: £8m) and revenue increasing 20% to £761m.

Looking to the future, the group sees continued strength in RMI and housebuilding, with the commercial sector “recovering well” and the outlook in the infrastructure sector looking positive.

Developments and plans include opening “destination” merchant branches, offering integrated services with tool hire, Benchmarx and TF Solutions, as well as additional Toolstation branches. It also aims to provide training on low carbon materials.

In Q4, 2021, the group completed the acquisition of Coventry-based integrated stair, floor and door solutions manufacturer Staircraft. It had held a 15% minority share in Staircraft since 2015 and then announced in November, 2021 that it had required the remaining 85% shareholding.

Staircraft founder and MD Andy Hamilton will continue to lead the business under the new ownership.

The TP business recorded a strong year in 2021.