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Gloucestershire Business News

Travis Perkins swings to profit as housing market booms

Building merchant Travis Perkins has reported a strong increase in sales and a return to profitability as the business benefited from a housebuilding and home renovating boom during the pandemic.

The company, that has sites in Gloucester, Cheltenham, Stroud, Tewkesbury and the Forest of Dean, said sales hit £4.6billion in the 12 months to the end of 2021, an increase from £3.7billion the year before.

Pre-tax profits reached £305.6million, compared with a £20.3 million pre-tax loss in 2020.

In a statement the firm said restructuring of the business aided growth, but admitted that trading conditions remained tough due to rises in inflation and supply chain problems.

Looking to the future, Travis Perkins said it expected inflation pressures to continue but hoped to benefit from hybrid working and the Government targets for reaching net zero and decarbonising UK housing stock.

It added: "Government policy remains supportive across all sectors, recognising the essential role that construction will play in delivering a sustainable UK economy."

During the financial period, the company sold off its Wickes business and also its plumbing and heating division for £325 million.

Travis Perkins still owns Toolstation, which reported a 20 per cent jump in sales to £761 million from 530 stores in the Uk and 123 in Europe.

Despite the impact of the pandemic, the retailer opened 70 new Toolstation sites in the UK last year.

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