REG-Travis Perkins Travis Perkins plc - post-close trading update for the year to 31 December 2023

Travis PerkinsAnnouncement

18/01/2024 07:15

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   Travis Perkins (TPK)
   Travis Perkins plc - post-close trading update for the year to 31 December
   2023

   18-Jan-2024 / 07:00 GMT/BST

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                                18 January 2024

                                        

    Travis Perkins plc post-close trading update for the year to 31 December
                                      2023

                                        

           FY23 adjusted operating profit expected to be around £180m

    

   Trading in  Q4 was  delivered in  line with  management expectations  with
   pricing stabilised versus Q3 but volume performance remaining challenging.
   Accordingly, the  Group  expects to  deliver  an FY23  adjusted  operating
   profit of around £180m, in line with its previous guidance.

    

   Over recent  years  the  Group’s  strategy  has  focused  on  streamlining
   operations, modernising technology and infrastructure and establishing the
   drivers of future growth. Given that market conditions are anticipated  to
   remain subdued into FY24, management has accelerated plans to continue the
   transformation of the business. This work commenced in Q4 with a reduction
   in central and regional  headcount alongside efficiencies realised  within
   the Group’s supply chain. These actions will deliver annualised savings of
   around £35m and result in a one-off restructuring charge of around £15m in
   FY23.

    

   These initiatives  represent the  first steps  in a  programme of  planned
   changes to the Group’s  operating model, which  will focus on  simplifying
   how its  businesses interact  with  each other,  reviewing the  impact  of
   loss-making  activities  and  maximising   the  benefit  of  the   Group’s
   collective scale.

    

   Together these  changes  will deliver  further  operational  efficiencies,
   enhance cash  generation  and  strengthen financial  resilience  over  the
   medium term. Management looks forward to updating on these initiatives  at
   the Group’s full year results on 5 March 2024.

    

   Enquiries:

   Travis Perkins                     FGS Global
   Matt Worster                       Faeth Birch / Jenny Davey / James Gray
   +44 (0) 7990 088548                +44 (0) 207 251 3801
   matt.worster@travisperkins.co.uk   TravisPerkins@fgsglobal.com

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          GB00BK9RKT01
   Category Code: TST
   TIDM:          TPK
   LEI Code:      2138001I27OUBAF22K83
   Sequence No.:  298096
   EQS News ID:   1817317


    
   End of Announcement EQS News Service

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