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Travis Perkins powers ahead with H1 profits up 24% and dividend payments restarted
Travis Perkins Plc, the national distributor of building and plumbing materials to the trade, and owner of the Wickes and Tile Giant DIY retyailers, said that it's H1 sales were up 5% to £1522 million, which was ahead of expectations. The firm is a barometer of the state of the building market in the UK.
The group, made an adjusted underlying pretax profit of £111.8 million for the six months to June 30, ahead of analysts forecast of £98 million, 24% up on the £90.4 million in the same period in 2009 and said it was recommencing paying dividends after a two year gap.
The firm which rationalised it's branch network 2 years ago now trades from 1315 locations and has resumed expansion. It has also made an agreed bid to takeover the BSS Group in a £658 million offer, which will further expand it network coverage. The purchase of BSS, expected to be completed in the fourth quarter, will create the UK's biggest plumbing and heating trade and retail distribution business.
Geoff Cooper, Chief Executive, commented:
"We have performed ahead of our expectations in the first half of 2010. We remain determined to further develop our customer propositions via an exciting programme of organic growth initiatives with the aim of stretching our lead over competitors. While we continue to see modest market growth following a severe recession, we view the future with confidence."
The firm declared an interim dividend of 5 pence per share. It had cancelled shareholder payouts in February 2009 as its markets slumped in the recession.
The group, made an adjusted underlying pretax profit of £111.8 million for the six months to June 30, ahead of analysts forecast of £98 million, 24% up on the £90.4 million in the same period in 2009 and said it was recommencing paying dividends after a two year gap.
The firm which rationalised it's branch network 2 years ago now trades from 1315 locations and has resumed expansion. It has also made an agreed bid to takeover the BSS Group in a £658 million offer, which will further expand it network coverage. The purchase of BSS, expected to be completed in the fourth quarter, will create the UK's biggest plumbing and heating trade and retail distribution business.
Geoff Cooper, Chief Executive, commented:
"We have performed ahead of our expectations in the first half of 2010. We remain determined to further develop our customer propositions via an exciting programme of organic growth initiatives with the aim of stretching our lead over competitors. While we continue to see modest market growth following a severe recession, we view the future with confidence."
The firm declared an interim dividend of 5 pence per share. It had cancelled shareholder payouts in February 2009 as its markets slumped in the recession.
Thu, 29th Jul 2010