Welcome to the 2024 Annual Report for Travis Perkins plc, the UK’s largest distributor of building materials

The breadth, reach and scale of the business means it’s in a unique position to supply the entire UK construction industry and provide customers with the materials and tools they need for their building projects, when and where they need it. The Group has a strong heritage and employs over 17,000 colleagues across five leading businesses which are all number #1 or #2 in their markets.


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Annual Report 2024

Strategic Report

Sustainability

Governance

Financial Statements


Chair’s statement

“By rediscovering our competitive strengths, I am confident that we will improve profitability and provide attractive returns for shareholders in the medium term.”

Geoff Drabble, Chair

Full Chair's Statement


Financial Highlights

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Revenue

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Adjusted operating profit

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Net debt/adjusted EBITDA

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Return on capital employed

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Dividend per share

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Loss after tax

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Graduate apprentices

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Carbon emissions (kt of CO2e)

Operational highlights

A challenging year for the Group

  • Group revenue down (4.7)% driven by price deflation, continued decline in market volumes and underperformance in the Merchanting segment.
  • Significantly improved cost discipline but lower trading volumes and price deflation resulted in full year adjusted operating profit of £152m (2023: £198m).
  • Operating profit of £2m (2023: £161m) reflects trading performance and adjusting items of £139m (of which around £20m is cash) related to impairments in Staircraft and certain Merchanting branches and restructuring actions.

Good progress in Toolstation

  • Toolstation UK adjusted operating profit up 48% driven by robust sales growth, improved gross margins and supply chain and overhead efficiencies.
  • Toolstation France closed and Toolstation Benelux on accelerated path to profitability.

Strong focus on cash generation and strengthening the balance sheet.

  • Net debt before leases reduced by £123m driven by £64m benefit from improved stock management and disciplined approach to capital expenditure.
  • £125m raised from investment grade US private placement notes in March 2025.


Market overview

The market for building materials in the UK coming through distribution channels is £65bn.

  • Market mix: 19%
  • Group revenue mix: 15%
  • Growth drivers:
    • Government housing targets
    • A shortage of housing in the UK
    • Growth in the population
    • Continued desirability of house ownership
    • Upcoming building regulation change
  • Market mix: 17%
  • Group revenue mix: 35%
  • Growth drivers:
    • The age and quality of UK housing stock
    • Government schemes to boost energy efficiency
    • Energy efficiency retrofit trends
  • Market mix: 26%
  • Group revenue mix: 24%
  • Growth drivers
    • Refurbishment of existing commercial buildings as tenants move to smaller, Grade A office spaces
    • Greater demand for energy efficient buildings
    • Cladding remediation on commercial buildings
    • Increase in large projects such as gigafactories and data centres
  • Market mix: 38%
  • Group revenue mix: 26%
  • Growth drivers
    • Government policy
    • Building and refurbishment of the public sector estate
    • Retrofit opportunities for energy efficiency
    • Demand for social housing

Sustainability

As the UK’s largest distributor of building materials, Travis Perkins plc is committed to driving meaningful Environmental, Social and Governance (“ESG”) change in the construction industry. This commitment to customers, colleagues and communities covers every aspect of the business. Besides a focus on improving the performance of its own business, the Group works proactively with suppliers and customers and recognises the important role it plays as a convener and influencer in the development of more sustainable communities.

Building on the progress made since the Group launched its first Building for Better framework and targets in 2020, this latest status report provides an update on performance in the focus areas where the Group carries the most risk or opportunity, as shown in the framework.

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Results, reports & presentations

Discover our latest and previous results and download key information

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Sustainability

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Shareholder centre

Our ambition is to be the leading partner to the construction industry.

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