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2021-10-28

Travis Perkins plc - Q3 2021 trading update

Travis Perkins (TPK)
Travis Perkins plc - Q3 2021 trading update

28-Oct-2021 / 07:00 GMT/BST
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28 October 2021

 

Travis Perkins plc - Q3 2021 trading update

 

Continued positive trading momentum; increasing 2021 earnings guidance

 

Highlights

 

  • Positive trading momentum has continued with like-for-like sales growth of 13.1% (13.3% on a two year like-for-like basis)
  • The Merchanting business delivered like-for-like sales growth of 15.3% (11.8% on a two year like-for-like basis) with end market demand remaining robust, notably in RMI
  • Toolstation grew by 1.4% on a like-for-like sales basis (25.2% on a two-year like-for-like basis) in Q3 as customer mix normalised following exceptional demand from DIY customers during 2020
  • Given robust underlying performance, the Board now expects that adjusted operating profit for the full year 2021 will be ahead of current market expectations* and will be at least £340m (inclusive of around £40m of property profits)

 

Nick Roberts, Chief Executive, commented:

"The Group has delivered a strong performance in the third quarter and is navigating well-documented supply chain and cost inflation challenges very capably. End market demand remains robust and we are confident that we are in a strong position to deliver future growth.

 

As outlined at our Investor Update in September, the focus of the Group is to enhance our market leading propositions to win share and to provide new value added services to our customers as the construction process evolves to improve quality, drive efficiency and reduce carbon and waste."

 

*Market expectations defined as company compiled analyst consensus. This stood at £316m at time of publication and can be reviewed via: https://www.travisperkinsplc.co.uk/investors/analyst-consensus

 

Q3 2021 sales growth

Merchanting

Toolstation

Group

Like-for-like sales growth

15.3%

1.4%

13.1%

Net space change

(0.1)%

7.7%

1.1%

Business disposals

-

-

-

Trading days

-

-

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