BUILDERS MERCHANTS: A-Z TRAVIS PERKINS Travis Perkins
TRAVIS PERKINS THE NUMBERS
2022 Turnover £m Gross profit £m
Operating profit £k Net profit £k Staff
THE RATIOS 2022 Stockturn Gross margin %
Operating margin % Net margin % Sales/head £k Profit/head £
Return on capital % BMJ INDEX
Travis Perkins released its 2025 year end results just a bit too late for the full results to be used in the calculation for the Trailblazers tables.
For the year ended December 31 2025,
the group as a whole saw turnover drop to £4.565m. However, the second half of the year showed clearer signs of improved trading and early progress in rebuilding market share.
The operating loss of £97m, compared with 2024’s £2m profit reflects £222m of adjusting items, including impairments relating to Toolstation Benelux, CCF and selected merchanting branches, as well as the sale of Staircraft and wider restructuring actions. Group like-for-like revenue edged up 0.3%, while adjusted operating profit fell to £133m, from £152m in 2024, reflecting lower margins in merchanting. The Merchanting division saw flat like-for-like revenue for the year, with 0.5% volume growth offset by 0.6% sales price deflation.
This year started with Gavin Slark returning to the Travis Perkins Group as CEO. He describes the Group’s financial performance as steady and broadly in line with expectations – underpinned by a significantly strengthened balance sheet. At £133m, the adjusted operating profit was inline with market forecasts. While the business
34
reported a statutory loss, Slark points out that this was driven by non-cash accounting impairments rather than underlying trading performance. “It’s important to stress that this was an accounting loss, not a cash loss,” he says. Crucially, he points to a much- improved cash position as a key highlight, with £1 million in cash before lease obligations.“From a cash perspective, we ended the year in a positive position.” With no significant refinancing requirements until 2028 and substantial liquidity headroom, Slark is confident in the Group’s resilience. “We’re in a very solid position,” he says. “The key message is that performance was in line with expectations, but more importantly, the financial strength of the business has improved significantly.”
Operationally, the Group is now structured across three distinct tiers, reflecting both performance and strategic focus. The core businesses – including the Travis Perkins general merchant operation, BSS, Toolstation UK and Keyline – form the first tier and the emphasis is on driving improved performance.
Slark is keen to stress that this 4.5
34.4 5.7 4.9
250
14,271 5.9
2023 5.0
26.9 4.1 2.5
252
10,333 3.0
2024 5.2
26.1 3.3 nil
262
8,628 nil
(82)
4,994.8 1,716.9
284,800 245,000 19,956
2023
4,837.1 1,298.8 198,100 121,400 19,172
2024
4,607.4 1,203.7 151,800 (38,400) 17,594
TRAVIS PERKINS % CHANGE
2023 (3)
(24) (30) (50) (4)
% CHANGE
2023 10
(22) (28) (49) 1
(28) (49)
2024 6
(3) (20)
(133) 4
(16) (132)
2024 (5) (7)
(23)
(132) (8)
Ryehill House, Rye Hill Close, Lodge Farm Industrial Estate, Northampton, NN5 7UA Tel: 01604752424
www.travisperkinsplc.co.uk
Branches: 1426 Showrooms: 1426
Branches added/closed in 2025: 12 / 7 Employees: c.17,000
Chairman: Geoff Drabble Managing Director: Gavin Slark CFO: Duncan Cooper
Travis Perkins MD: Richard Lavin Toolstation MD: Lakhvir Sanghera BSS MD: Josie Crowe Keyline MD: Huw Jenkins CCF MD: Chris Knight
TF Solutions MD: James Boswell
Chief HR Officer: Tony Murphy (Interim), Chief Information Technology Officer: Phil Tenney
Approximate turnover for 2025: £4,565m
BMF Member: Yes Financial year end: December 31 2024
does not signal a shift towards centralisation. “I strongly believe in a decentralised, federated structure,” he says. “We’re building is a culture of collaboration rather than control from the centre.”
The second tier – comprising CCF and TF Solutions – represents a sizeable £600m revenue base but is currently operating around break-even, while Toolstation Benelux sits in the third tier. “They’re stable, but we need to improve profitability,” Slark says of the tier two operations, adding that clarity on the future of the Benelux business will be provided at the half-year stage. The Travis Perkins merchant business accounts for around half of Group revenue, although the biggest provider of profits is Toolstation UK, underlying, Stark says, how important that business is to the group going forward. Looking ahead, he expects market conditions to remain challenging throughout 2026, with likely increases in shipping costs and pricing pressure from energy-intensive suppliers. Fuel costs – which the Group spends around £15m a year on – will be another key consideration. “If prices continue to rise, we’ll need to manage that carefully, balancing cost pressures with
TRAILBLAZERS
delivering value to customers,” he says.
Internally, the past 12 months have seen significant change, with a new leadership team now in place and a simplified structure that sees managing directors reporting directly to Slark. “The strategic priority remains straightforward. It’s about focusing on the basics – doing the day job well,” he explains. “The message internally is simple: be brilliant for the customer.” He says that, having been through a period of instability at the top in the past couple of years, he believes the business is now regaining direction. “It’s too early to say we’ve fixed everything,” he says. “But we’ve brought clarity and focus.” The priority now is removing distractions and concentrating on core merchanting principles. “We buy product, move product, sell product, and look after customers. That’s the core of it.”
As the market leader, with more than 500 Travis Perkins branches and a similarly sized Toolstation estate, Slark believes the Group must operate accordingly. “We need to operate like a market leader,” he says.
While predicting short-term market movements remains difficult, Slark points to the cyclical nature of the industry as grounds for cautious optimism. “You would hope we’re near the bottom of the cycle now,” he says, adding that improving conditions across housing, infrastructure and consumer confidence should support a return to growth. If we stay disciplined and keep things simple, the business is well positioned for the future.”
A supplement to builders merchants journal April 2026
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