Travis Perkins Reports 37% Fall in First Half Pretax Profit

Travis Perkins, the U.K. building-materials retailer, has announced a 37% decline in its pretax profit for the first half of the year. This decrease can be attributed to lower volumes in private domestic repair, maintenance, and improvement markets, as well as new build housing.

For the six months ending June 30, Travis Perkins recorded a pretax profit of £85.7 million, compared to £136.6 million during the same period last year. Meanwhile, revenue dipped from £2.53 billion to £2.47 billion.

The company's adjusted operating profit, a metric that excludes exceptional and one-off items, also fell from £162.7 million to £112.1 million. Despite this decline, the company reaffirmed its guidance for an adjusted operating profit of approximately £240 million by 2023.

Travis Perkins has decided to maintain its interim dividend at 12.5 pence per share.

Chief Executive Nick Roberts acknowledged the challenging market conditions that influenced the company's first half performance. However, he emphasized that Travis Perkins remains committed to balancing short-term profitability, achieving strategic goals, and positioning itself to thrive when market conditions improve.