Travis Perkins plc (TP) has reported a stabilising of merchanting revenue in its 2025 half-year results.
TP’s results for the six months to June 30, 2025 saw Group revenue decline by 2.1% to £2.3bn compared to the same period in 2024, driven primarily by operational challenges in the early part of the year.
Actions to drive volume and arrest market share decline in the Merchanting division were reportedly taking effect, with Merchanting like-for-like sales down by 1% in Q2 (versus -3.2% in Q1).
Overall, lower volumes in Merchanting resulted in adjusted operating profit of £63m (2024: £83m). Further progress in Toolstation UK was reported, with operating profit increasing 50% to £21m.
TP said it was proactively managing overheads to mitigate cost inflation and increased employer national insurance contributions.
The Group expects to deliver a full year adjusted operating profit (including £8m of property profits) broadly in line with current market expectations.
“The first quarter was difficult with a continued trend of market share loss and revenue decline in Merchanting,” said Group Chair Geoff Drabble.
“However, I was encouraged by the response of the business to management actions to drive a more customer-focused approach. In the second quarter we delivered improved revenue performance and stabilised Merchanting market share and these trends have continued into July.
“We will build on this momentum in the second half as we deploy further system enhancements that put the difficult Oracle implementation behind us. The strong performance of Toolstation UK, which operates in similar markets to the Group’s other businesses, demonstrates our potential without internal distractions.
“Whilst the market outlook for the second half remains uncertain, the Board anticipates that the Group will deliver a full year result broadly in line with current market expectations*.”
A new leadership structures has been implemented and highly experienced CEO, Gavin Slark, will join the Group on 1 Jan 2026.
