Wickes plan returns as Travis Perkins posts loss
By Rob Freeman | 2nd March 2021
Travis Perkins has posted a loss on the back of a restructuring process which will continue with the demerger of its Wickes business.
The builders merchant had put plans for the DIY business on hold due to the coronavirus pandemic, but it is expected to be completed in the next couple of months.
Travis Perkins, which has branches in Gloucester, Cheltenham, Tewkesbury, Stroud, Cirencester, Lydney, Coleford and Cinderford, reported the loss of £22million for 2020.
That follows a £123million pre-tax profit in the previous year but follows a much-improved second half after losing £127million in the first six months of the year.
Chief executive Nick Roberts said: "We have shown great agility and versatility in adapting our working practices, further digitalising our engagement with customers and reshaping our business to suit the changing demands of our markets.
"Our teams have also been able to make excellent progress on a number of key initiatives supporting our strategic objectives, particularly around simplifying commercial deals and refining our pricing architecture, which will drive future benefits."
He continued: The Wickes digitally-led model has proved highly effective during the pandemic and the business is in great shape to embark on its journey as a standalone entity.
"While uncertainty remains, we have seen a good recovery through the second half which gives us confidence that the fundamental drivers in our markets are robust.
"The continuing progress against our strategic plans leaves the group well placed to outperform in those markets."
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