Travis Perkins plc has reported an 18.2% growth in annual pre-tax profits to £162.7m, with sales of timber and wood products continuing to rise.
The merchanting giant, which has 700-plus branches, recorded sales of £1.6bn in the year ending December 31, 2003, an 18.4% rise on the previous year. Like-for-like timber sales increased by 4% – the same rate for the group as a whole.
Finance director Paul Hampden Smith said sales of Trus Joist‘s Silent Floor system were particularly strong. He said timber and wood products held up well in general, aided by unexpected price inflation.
Investment at the group’s Keyline branches to improve timber and forest product offering is now delivering increased sales, while measures to improve efficiency in timber milling operations, including most recently at Gloucester, is expected to be reflected this year in better product availability and supply to branches.
Timber procurement continues to be a major focus for Travis Perkins – Forest Stewardship Council and Programme for the Endorsement of Forest Certification chain of custody certification had been achieved by more than 110 branches by the end of 2003. More will be added in 2004.
Mr Hampden Smith added: “There is more and more demand within the public sector for chain of custody certification. It’s very much the way forward for us and we are putting a lot of effort into it.”
Group chief executive Frank McKay said: “We are delighted with the 2003 results which were achieved on the back of excellent acquisition and organic growth. We have made a positive start to 2004 and given reasonable market conditions are well placed to make further progress in the current year.”
