Builders' merchant Travis Perkins swings to full-year profit

Builders’ merchant Travis Perkins said on Tuesday that it swung to a full-year profit despite inflationary pressures.

In the year to the end of December 2021, it swung to a pre-tax profit of £305.6m from a loss of £20.3m the year before, with revenue up 24% at £4.6bn. Compared with 2019, revenues were ahead 10.6%.

The company said this reflects "the extensive work undertaken to enhance the customer proposition through investment in network capacity and technological capability" and a robust recovery in the repair, maintenance and improvements markets and new house building markets.

Operating profit rose to £349m from £26m and basic earnings per share came in at 103.9p, versus a loss of 14.3p a year earlier.

Chief executive Nick Roberts said: "2021 has been a year of significant operational and strategic progress for the group, completing our portfolio actions and subsequently setting out our ambition to be the leading partner to the construction industry.

"Whilst the rapidly recovering market created challenges around inflation and product availability, we have navigated them well to deliver an outstanding financial performance, enabled once again by the hard work of our fantastic colleagues."