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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Travis Perkins    TPK   GB0007739609

TRAVIS PERKINS

(TPK)
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Travis Perkins : Interim Results

09/08/2020 | 02:10am EST

Successfully adapted to unprecedented markets

£m (unless otherwise stated) Note HY 2020 HY 2019 Change
Revenue 2,781 3,484 (20.2)%
Like-for-like revenue growth(1) (19.3)% 5.3% (24.6)ppt
Adjusted operating profit(1) 20a 42 220 (80.9)%
Adjusted earnings per share(1) 11b 1.4p 56.5p (97.5)%
ROCE(1) 20f 6.4% 10.0% (3.6)ppt
Covenant net debt(1) 15 22 414 (392)
Dividend per share 12 - 15.5p
Operating (loss) / profit (92) 62
Total (loss) / profit after tax (113) 12
Basic (loss) / earnings per share 11a (45.7)p 4.2p

(1)Alternative performance measures are used to provide a guide to underlying performance. Details of calculations can be found in the notes listed

Financial highlights

  • Fall in revenue of 20% demonstrated resilience despite the impact of the pandemic, with continuing recovery as lockdown measures eased
  • Adjusted operating profit of £42m reflecting shortfall from lower volumes partially offset by actions to reduce and control operating costs
  • Restructuring programme underway to reduce overheads in line with the anticipated volume outlook, delivering cost savings of £120m on an annualised basis
  • Net adjusting items of £129m, primarily relating to the restructuring programme
  • Strong focus on cash and working capital management driving reduction of covenant net debt of £322m from 31 December 2019 to £22m

Strategic and operational progress

  • Rapidly adapted the business model to ensure safety and deliver outstanding customer service throughout the pandemic
  • Accelerated elements of the strategic plan across digital enablement, customer fulfilment, process simplification and branch network
  • Significant improvements in digital platforms across all segments underpinning market outperformance and supporting future growth
  • Demerger of Wickes paused until markets become more stable and predictable

Nick Roberts, Chief Executive Officer, commented:

'Throughout the pandemic, the health and safety of our colleagues and customers has been our primary concern. Customer interactions have changed significantly resulting in changes to the way we do business, from increased activity through digital channels through to alterations to our physical store formats in order to maintain safe working practices.

Although our financial performance in the first half of 2020 was impacted by the Covid-19 pandemic, and we have had to undertake a restructuring programme in light of the challenging outlook for the Group's end markets, we have made significant strategic and operational progress against the four strategic priorities we outlined at our full year results in March 2020.

Although considerable uncertainty around the impact of the COVID-19 pandemic remains, the actions we have taken to adapt and innovate in our businesses mean that the Group is well placed to continue to service our customers, support our colleagues, outperform our markets and generate value for our shareholders.'

Enquiries:

Disclaimer

Travis Perkins plc published this content on 08 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 September 2020 06:09:07 UTC


© Publicnow 2020
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Financials
Sales 2020 6 024 M 8 018 M 8 018 M
Net income 2020 9,10 M 12,1 M 12,1 M
Net Debt 2020 1 454 M 1 935 M 1 935 M
P/E ratio 2020 1 201x
Yield 2020 0,47%
Capitalization 3 219 M 4 291 M 4 284 M
EV / Sales 2020 0,78x
EV / Sales 2021 0,71x
Nbr of Employees 26 465
Free-Float 93,5%
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Technical analysis trends TRAVIS PERKINS
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 1 314,06 GBX
Last Close Price 1 295,50 GBX
Spread / Highest target 17,7%
Spread / Average Target 1,43%
Spread / Lowest Target -22,8%
EPS Revisions
Managers
NameTitle
Nicholas John Roberts Chief Executive Officer & Director
Stuart John Chambers Non-Executive Chairman
Frank Mark Elkins Chief Operating Officer
Alan Richard Williams Chief Financial Officer & Director
Patrick Knight Chief Information Officer
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