REG-Travis Perkins Travis Perkins: Audited results for the financial year ended 31 December 2018 - Stronger H2 profit performance; well positioned in uncertain market conditions
26/02/2019 07:05
============
Travis Perkins (TPK)
Travis Perkins: Audited results for the financial year ended 31 December 2018 - Stronger H2 profit
performance; well positioned in uncertain market conditions
26-Feb-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No
596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
═════════════════════════════════════════════════════════════════════════════════════════════════════════════
Travis Perkins plc
Audited results for the financial year ended 31 December 2018
Stronger H2 profit performance; well positioned in uncertain market conditions
£m Note 2018 2017 Δ
Revenue 6,741 6,433 4.8%
Like-for-like revenue growth(1) 4.9% 3.3% +1.6ppt
Adjusted operating profit(1) 6a 375 380 (1.3)%
Adjusted operating profit excluding property profits(1) 6a 348 351 (0.9)%
Adjusted profit before taxation(1) 6a 347 343 1.2%
Adjusted earnings per share(1) 12b 114.5p 110.4p 3.7%
Net debt(1) 15 (354) (342) £(12)m
Dividend per share (pence) 13 47.0p 46.0p 2.2%
Lease adjusted ROCE(2) 16b 10.5% 10.7% (0.2)ppt
Adjusting items 7 (387) (41)
Operating (loss) / profit (22) 327
(Loss) / profit before taxation (49) 290
Basic (loss) / earnings per share (pence) 12a (34.4)p 93.1p
(1)Alternative performance measures are used to provide a guide to underlying performance and details of the
calculations can be found in the notes listed
(2)2017 LAROCE has been restated to reflect goodwill impairment for comparability purposes
● Strong Group revenue growth of 4.8%, and 4.9% on a like-for-like basis
● Continued market outperformance in Contracts division and Toolstation
● Adjusted operating profit declined by 1.3% while adjusted EPS grew by 3.7%
● H2 adjusted operating profit, excluding property profits, grew by 10.7% underpinned by successful
cost reduction activities
● Adjusting items includes a non-cash impairment of £246m against the goodwill in Wickes in H1 and
restructuring costs across the Group
● Full-year total dividend increased by 2.2% to 47.0p per share
● Good progress has been made on the strategic actions set out in December 2018, including
simplification through the removal of the divisional structure above the Merchant businesses
● 2019 adjusted operating profit expected to be similar to 2018
John Carter, Chief Executive Officer, commented:
"The Group delivered a solid performance overall in 2018 despite a challenging market backdrop. We took
concerted self-help actions during the year, and the benefits of this cost reduction, together with improved
trading, drove an improved profit performance in the second half of the year.
In December 2018, we set out our intention to focus on delivering best-in-class service to trade customers
and to simplify the Group. To that end, removing the divisional structure within Merchanting will enable an
increased focus on customers at a business unit level, speed up decision making and, at the same time, reduce
costs.
In the longer term, the Group remains focused on generating sustainable profitable growth for shareholders
and we will achieve this by allocating capital and resources to our most advantaged businesses. We are making
good progress on the preparation for the disposal of the Plumbing & Heating division, and are seeing an
encouraging improvement in trading and good momentum in Wickes.
Whilst we remain positive about the long-term outlook for our end markets, we are planning for uncertain
market conditions to continue in the near term. The Group remains focused on self-help actions to underpin
performance in the near term, whilst continuing to invest for the future."
Enquiries:
Travis Perkins Tulchan Communications
Graeme Barnes David Allchurch
+44 (0) 7469 401819 +44 (0) 207 353 4200
graeme.barnes@travisperkins.co.uk
Zak Newmark
+44 (0) 7384 432560
zak.newmark@travisperkins.co.uk
The Travis Perkins plc management team will be hosting an analyst briefing at 8.30am. The briefing will be
webcast live using the details below.
Webcast URL:
1 https://www.investis-live.com/travis-perkins/5c485586cad1ac0c00c5e9b1/gdos
Conference call participant dial in details:
UK: 020 3936 2999
All other locations: +44 20 3936 2999
Access code: 678776
Cautionary Statement:
This announcement contains "forward-looking statements" with respect to Travis Perkins' financial condition,
results of operations and business and details of plans and objectives in respect to these items.
Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or
such words as "anticipates", "aims", "due", "could", "may", "will", "should", "expects", "believes", "seeks",
"intends", "plans", "potential", "reasonably possible", "targets", "goal" or "estimates", and words of
similar meaning. By their very nature forward-looking statements are inherently unpredictable, speculative
and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in
the future. There are a number of factors that could cause actual results and developments to differ
materially from those expressed or implied by these forward-looking statements. These factors include, but
are not limited to, the Principal Risks and Uncertainties disclosed in the Group's Annual Report, changes in
the economies and markets in which the Group operates; changes in the legislative, regulatory and competition
frameworks in which the Group operates; changes in the capital markets from which the Group raises finance;
the impact of legal or other proceedings against or which affect the Group; and changes in interest and
exchange rates. All forward-looking statements, made in this announcement or made subsequently, which are
attributable to Travis Perkins or any other member of the Group or persons acting on their behalf are
expressly qualified in their entirety by the factors referred to above. No assurances can be given that the
forward-looking statements in this document will be realised. Subject to compliance with applicable law and
regulations, Travis Perkins does not intend to update these forward-looking statements and does not undertake
any obligation to do so. Nothing in this document should be regarded as a profits forecast.
Without prejudice to the above:
(a) neither Travis Perkins plc nor any other member of the Group, nor persons acting on their behalf shall
otherwise have any liability whatsoever for loss howsoever arising, directly or indirectly, from use of the
information contained within this announcement; and
(b) neither Travis Perkins plc nor any other member of the Group, nor persons acting on their behalf makes
any representation or warranty, express or implied, as to the accuracy or completeness of the information
contained within this announcement.
This announcement is current as of 26 February 2019, the date on which it is given. This announcement has not
been and will not be updated to reflect any changes since that date.
Past performance of the shares of Travis Perkins plc cannot be relied upon as a guide to the future
performance of the shares of Travis Perkins plc.
Summary
The Group produced a solid performance in 2018 against a market backdrop of considerable uncertainty. Sales
growth was strong, with overall growth of 4.8% to £6,741m, and growth of 4.9% on a like-for-like basis. Both
the Contracts businesses and Toolstation delivered exceptional growth, outperforming their end markets. The
successful transformation in Plumbing & Heating delivered significant sales growth, winning market share
through the branch network, the wholesale business and through the specialist online businesses. Sales and
operating profit improved in the General Merchanting division in H2, and whilst the UK DIY market was
particularly challenging due to both macro and competitive pressures, the Wickes business' performance also
improved in H2.
Group adjusted operating profit, excluding property profits, declined by 1.3% in the year, with an 11.5%
decline in the first half of the year followed by growth of 10.7% in the second half. Operating profit
progression in the second half of the year was driven by the improved trading performance and the successful
cost reduction actions carried out, primarily in the General Merchanting division and Wickes, which reduced
the overhead cost to sales ratio below recent years and helped to mitigate overhead inflationary pressure in
the year.
The Group demonstrated good cash generation in 2018, with free cash flow of £340m. Net debt increased
modestly by £12m to £354m, primarily due to working capital investment in the year.
The Board recommends a full year dividend of 47.0 pence (2017: 46.0p), reflecting the Board's confidence in
the future cash generation and prospects of the Group.
Strategic progress
At a Capital Markets event in December 2018, the Group set out its strategy for the years ahead with two main
pillars. The core purpose of the Group will be to deliver best-in-class service to trade customers. Supplying
trade customers is the Group's traditional heartland, with the trade markets typically being more resilient
and generating higher margins and returns. The second pillar is to focus on simplifying the Group to reduce
business complexity, reduce the above-branch cost base and speed up decision making.
Changes to Group structure
Through simplification, the Group expects to achieve cost reduction of £20m-£30m from the above-branch cost
base by mid-2020. A number of actions were initiated towards this target in Q4 2018 which will deliver c.£5m
of annualised benefits in 2019.
A key component of the simplification of the Group is the removal of the existing divisional structure above
the Merchanting businesses which will reduce costs and speed up decision making. Central functions will be
streamlined to support businesses directly, enabling branch managers and their teams to provide the best
possible service to customers.
The revised structure will alter how the businesses are managed and reported. From 2019, the Group will
report under the following segments: Merchanting, Toolstation, Retail and Plumbing & Heating.
New Group reporting structure
The Group's Merchant businesses, which focus on close trade customer relationships and offering
customer-specific pricing and product sourcing tailored to local customer demands, will be grouped for
reporting purposes, but will be managed as individual businesses, placing decision making as close as
possible to the customer.
Toolstation will remain as an autonomous business within the Group. It will be reported separately from the
Retail segment to reflect that it is predominantly a fixed price, trade customer business.
Travis Perkins PLC
Merchanting Toolstation Retail Plumbing & Heating
Travis Perkins Keyline Toolstation Wickes City Plumbing PTS
CCF BSS Tile Giant F&P wholesale
Benchmarx Specialist online businesses
Trade focused businesses Seeking disposal in 2019
Wickes and Tile Giant will be reported as a Retail segment, with a different operating model from the
merchant businesses, with fixed ranges, and a fixed, national price framework. The retail businesses
primarily target retail consumers, both through traditional methods and increasingly by providing end-to-end
Do-It-For-Me services from design to installation, particularly in Kitchens and Bathrooms.
In December 2018, the Group announced its intention to divest the P&H division during the course of 2019, and
significant work has been undertaken to separate the P&H businesses from the remainder of the Group. These
actions include separation of commercial agreements, creating designated back office support functions and
creating a P&H specific version of the existing IT platform. This work should be completed during Q2 2019.
Outlook
The long-term drivers of market growth remain favourable, supported by the on-going requirement for more
homes in the UK, and the underinvestment in the repair, maintenance and improvement (RMI) of existing
dwellings and infrastructure. In the near-term, however, considerable economic uncertainty remains, which is
driving the current mixed backdrop of market lead indicators. Levels of mortgage approvals and housing
transactions remain subdued, house price growth is inconsistent across the UK and depressed consumer
confidence continues to put pressure on wider retail sales figures across many UK consumer facing markets.
Investments made in the business in recent years have created a market-leading customer proposition which
will drive outperformance of the market. In the short-term, the Group is focusing on self-help initiatives
which will underpin performance, and position the Group strongly for the future.
At this early stage in the year, and given current market uncertainty, the Group expects adjusted operating
profit in 2019 to be similar to 2018. The Group will continue to prioritise investment in future growth
opportunities such as Toolstation, with progress on cost reduction activities mitigating inflationary
pressures on rent, rates and wages.
Technical guidance
The Group's technical guidance for 2019 is as follows:
● Effective tax rate of 19%
● Finance charges similar to 2018
● Capital expenditure, excluding freehold property investments, of around £110m to £130m
● Property profits of around £20m
● Progressive dividend underpinned by strong cash generation
● H1 / H2 EBITA split more normalised in 2019
This guidance has been given before the impact of the new lease accounting rules, IFRS 16. For details of the
impact of IFRS 16, please refer to note 21.
Divisional performance
General Merchanting
FY 2018 FY 2017 Change
Total revenue £2,137m £2,109m 1.3%
Like-for-like growth 1.4% 1.2%
Adjusted operating profit* £179m £183m (2.2)%
Adjusted operating margin* 8.4% 8.7% (30)bps
LAROCE** 12% 12% -
Branch network 837 849 (12)
*Divisional adjusted operating profit figures are presented excluding property profits
** LAROCE calculations exclude property profits from the EBITA figure (2017 figure restated on this basis)
Financial performance
Total revenue grew by 1.3% in the year, and by 1.4% on a like-for-like basis. Growth was driven by pass
through of cost price inflation of 2.8%, offset by a modest decline in volume. Regionally, the South East was
most heavily impacted by the challenging macro environment, with declining house prices and significantly
lower secondary housing transactions. Volume trends were stronger in the second half of the year following
significant weather impacts on volume in the first half.
Adjusted operating profit declined by 2.2% in the year, but with differing performance half-on-half. In H1,
the business was impacted by an increase in the cost base, driven by inflation on wages, rent, rates and
utilities, and also by investments in the business, including the additional cost to offer the Heavyside
Range Centre service throughout the TP branch network in England and Wales. In the second half, there was a
concerted focus on controlling and reducing costs, with savings made through greater efficiency in the
distribution network, streamlining central functions and some branch consolidation. These cost savings,
together with the stronger volume trends, drove year on year profit growth in H2 of 8.1%.
Gross margins were stable across the year, despite stronger growth in sales to large, lower margin customers,
and with the selective price investments in dedicated categories in 2017 showing a positive impact on
volumes. Adjusted operating margin reduced by 30 basis points in the year as a whole, driven by the higher
cost base and the impact of sustained poor weather in H1, offset by a 50bp H2 on H2 improvement in operating
margin.
For Benchmarx the market environment was particularly challenging in the first half of the year, with a
tougher macro backdrop and competitor pricing pressure. This pressure eased in H2, with volumes returning to
growth and the strongest ever Big Bang promotional event in October.
Operational performance
Four new Travis Perkins branches were opened in the year, plus one added through acquisition, and an
additional three Managed Services sites. This was offset by 19 closures, including eight Managed Services
sites at the end of fixed term contracts. The remaining branch closures focused on consolidation of the
network as part of on-going estate management, with smaller branches closed and resources and customer
relationships moved to larger local branches with a very encouraging transfer of sales. Three branches were
refitted to the modern format, with a further four relocated to more optimal trading sites within their
catchments.
The process to devolve more power to branch managers is underway, with initial communications being well
received and work being undertaken to streamline central support services enabling branch colleagues to spend
more time with customers. In addition, improvements are being made to branch stock ranges, with more products
specified for local customers in the right quantities, particularly for heavy building materials.
Planned changes to the delivery of the extended heavyside range proposition in the South East are underway,
in response to the operational issues at the Tilbury HRC. A combination of local stock investment and
management, together with regional transport planning will ensure customers retain access to the proposition,
and will reduce the cost burden to the business in the medium term.
Contracts
FY 2018 FY 2017 Change
Total revenue £1,472m £1,369m 7.5%
Like-for-like growth 7.0% 8.4%
Adjusted operating profit* £94m £86m 9.3%
Adjusted operating margin* 6.4% 6.3% 10bps
LAROCE** 15% 14% 1ppt
Branch network 164 169 (5)
*Divisional adjusted operating profit figures are presented excluding property profits
** LAROCE calculations exclude property profits from the EBITA figure (2017 figure restated on this basis)
Financial performance
Strong revenue growth continued in the Contracts division, growing 7.5% in total, and by 7.0% on a
like-for-like basis. Sales growth was strong in all three businesses, with price growth of 4.5% to mitigate
input cost inflation and 2.5% volume growth reflecting continued market share gains. After a difficult start
to the year in Q1, with markets suffering uncertainty following the collapse of Carillion, the division
maintained a strong like-for-like growth rate throughout the remainder of the year.
Adjusted operating profit grew by 9.3% to £94m. Gross margin declined modestly in the year, reflecting a
shift in customer mix, with stronger sales growth to larger customers. This was more than offset by tight
control of costs, continued success from on-going activities to improve efficiency, and operating leverage
which improved overall adjusted operating margin to 6.4%.
At this early stage in the year, whilst the order book for 2019 remains robust, the Group remains cautious on
the outlook for commercial construction, and continues to look out for any changing dynamics in the market.
LAROCE increased to 15%, driven by higher profitability on a similar capital base.
Operational performance
The Tool Hire business delivered a strong performance in the year as it continues to mature, with 17% growth
in revenue.
Network developments continue in Keyline as the business aims to relocate and consolidate branches into lower
cost sites, and providing fit-for-purpose branches for customers and colleagues. In 2018, eight branches were
closed (including one transferred to the Travis Perkins brand), with two new, low cost branches opened.
The acquisition of TF Solutions in 2017 added air conditioning systems to the product range. The business
generated outstanding growth of over 30%. A fourth TF Solutions branch was opened in 2018, and another
branch was extended.
The focus on outstanding customer service continued, with a trial in two branches to give customers
transparency of their delivery fulfilment. Feedback was excellent, and further work will be completed to
develop the offering in 2019. A Work Winning initiative is also in place to make sure we deliver the right
service to the right customer, differentiating customer needs and providing a tailored service that is valued
by customers.
A unique, efficient driver bonus scheme was implemented, which has led to a 1% reduction in diesel usage
across the Contracts delivery fleet. This is a significant saving for businesses where the vast majority of
sales are delivered, and sharing the benefits with drivers has driven a change in culture across the
division.
Consumer
FY 2018 FY 2017 Change
Total revenue £1,604m £1,589m 0.9%
Like-for-like growth (1.3)% 3.0% (4.3)ppt
Adjusted operating profit* £69m £82m (15.9)%
Adjusted operating margin* 4.3% 5.2% (90)bps
LAROCE** 7% 8% (1)ppt
Branch network*** 712 666 46
*Divisional adjusted operating profit figures are presented excluding property profits
**LAROCE calculations exclude property profits from the EBITA figure (2017 figure restated on this basis)
***Branch network includes 40 stores relating to Toolstation Europe (2017: 23 stores), an associate of the
Group
Wickes
Financial performance
Wickes revenues declined by 2.5% in 2018, and by 4.4% on a like-for-like basis. The UK DIY market environment
has been extremely challenging, driven by the wider macro environment, with declining consumer confidence,
and through competitive pricing pressure. The first half was particularly difficult, with poor weather
conditions in March and April impacting the Easter trading period.
The negative sales impact was felt across the business, but with Kitchen & Bathroom (K&B) showroom sales
being hard hit in H1, partially in response to the poor promotional period in Q4 2017 and also reflecting a
challenging retail environment. Delivered K&B sales reduced by 10% in the first half of the year.
In the second half of the year, K&B "leads activity" strengthened in response to improved promotional
activity in Wickes, and through competitor decisions to exit the design & install service for end-consumers.
This activity began to develop into improved sales in Q4, and sets the business up well heading into 2019.
Selective price investments in specific core DIY categories, combined with early signs of the competitive
price pressure easing, helped to drive positive sales growth in H2, with an encouraging trend throughout Q4.
Adjusted operating profit declined by 19% in the year, but this was split between a 39% decline in H1,
followed by 15% growth in H2. This recovery can be attributed mainly to the level of cost reduction that was
achieved in the year, with significant reductions in central support services, reduction in shrinkage and
efficiency gains in the distribution network, as well as the improved trading in Q4.
Gross margins declined in the year, driven by sales mix, as K&B sales declined more than core sales in H1,
and due to the competitive pricing environment. This was more than offset in H2 by the cost reduction actions
that were undertaken.
Operational performance
The Wickes TradePro scheme was launched 18 months ago, and has been well received by customers. Giving a 10%
discount on all purchases, it is a simple mechanism for customers to understand, and is improving customer
loyalty, helping to support core sales through 2018. In 2019 the digital experience for trade customers will
be enhanced, giving access to the discount for online transactions to drive higher participation.
A further 24 store refits were completed in 2018, bringing the total number of stores in the modern format to
121. The proportion of Kitchens sold with a full installation service increased to 54% (up from 44% in 2017),
reflecting the high-quality turnkey service provided to end consumers.
Toolstation UK
Financial performance
Toolstation revenue grew by 18% in 2018, and by 11.4% on a LFL basis. Sales growth was driven by the
continued expansion of the store network, existing stores continuing to mature, and through the extended
ranges available to customers on a next-day basis.
Adjusted operating profit was broadly flat year on year, as anticipated, as additional volume growth was
offset by investment in the higher operating costs associated with the 40 additional stores and a new
distribution centre which will support further network expansion.
Gross margin was unchanged, despite maintaining Toolstation's value leadership position.
Operational performance
An additional 4,000 products were added to the range, with a key focus on trade relevant ranges, with an
extra 58 trade brands added, contributing over £25m of additional sales. The product range available for
next-day delivery or dropship was also extended, with categories including bathrooms, garden sheds and
radiators. A trade credit card was launched in 2018 providing small trade customers with access to up to 116
days of credit on purchases in Toolstation and other Travis Perkins brands.
Development of IT systems continued, with a new EPOS system implemented in store, and a new website launched
in December 2018, alongside providing 6-day deliveries to customers. Multichannel transactions increased by
over 30%, with strong growth in click and collect, and the new website has improved conversion rates by >1%.
A third distribution centre was opened, increasing capacity to over 500 stores. 40 new stores were opened in
2018, including the successful trials of smaller format and high street concepts, with branch performance in
line with expectations.
Toolstation Europe
The expansion of Toolstation Europe continued, with 12 stores opened in the Netherlands taking the total to
32, and supported by a new distribution centre. Growth characteristics for both stores and online are
extremely encouraging, and mirroring the experience of the UK business.
A further five stores were added to the network around Lyon in France, bringing the trial up to 8 in total
and developing brand recognition with local trade customers. The Belgian website continues to develop well,
and some trial stores will be added in 2019, to be serviced from the Dutch distribution centre.
Plumbing & Heating
FY 2018 FY 2017 Change
Total revenue £1,528m £1,366m 11.9%
Like-for-like growth 16.1% 2.1%
Adjusted operating profit* £39m £31m 25.8%
Adjusted operating margin* 2.6% 2.3% 30bps
LAROCE** 11% 9% 2ppt
Branch network 377 391 (14)
*Divisional adjusted operating profit figures are presented excluding property profits
** LAROCE calculations exclude property profits from the EBITA figure (2017 figure restated on this basis)
Financial performance
The transformation programme in the Plumbing & Heating division was highly successful in 2018, generating
total revenue growth of 11.9%, and growth of 16.1% on a like-for-like basis. Growth was strong across the
division: through the branch network, wholesale business and the specialist online businesses.
Adjusted operating profits increased by 25.8% to £39m, reflecting both the improved trading performance and
tight control of the cost base, which benefited from the branch closures carried out in late 2017 and from
combining and simplifying management and support team structures. This improved cost performance offset a
modest reduction in gross margins, primarily driven by change in business mix, with strong wholesale
revenues, and increased promotional activity to underpin the proposition in branches.
LAROCE increased by 2ppt, to 11% reflecting the higher profits on a stable capital base.
Operational performance
Improvements to branch stock range and depth, and increasing product availability through the supply chain to
98% has improved credibility with customers. A catalogue with 12,000 SKUs was launched, broadening customer
awareness of the ranges available, and providing visible, competitive pricing. A trial to introduce a greater
range of electrical products across 13 branches, reflecting the increasing role of electrical work required
within domestic plumbing projects, was successful, and further implants are planned for 2019.
Bathroom showroom ranges have been modernised and updated across the 240-branch showroom network, combined
with a more focused drive to interact with end customers
The specialist online businesses continued to grow strongly, particularly the Underfloor Heating Store,
Direct Heating Spares and National Shower Spares businesses. The City Plumbing online transactional website
continues to grow after its launch in July 2017.
Significant work has been undertaken to separate the P&H businesses from the remainder of the Group. These
actions include separation of commercial agreements, creating designated back office support functions and
creating a P&H specific instance of the existing IT platform. This work should be completed during Q2 2019.
Central costs
Unallocated central costs remained broadly unchanged in 2018, at £33m (2017: £31m). Investment continues in
developing the Group's IT capabilities and digital platforms, in particular the new ERP system for the
Merchant businesses.
Property transactions
The Group continues to recycle its freehold property portfolio to provide the best trading locations for its
businesses, whilst managing the level of capital allocated to owning and developing freehold sites.
Ten new freehold sites were purchased in 2018 at an investment of £38m (2017: £41m), with a further £10m of
construction costs to develop sites ready for trading (2017: £20m). These investments were fully funded in
the year by property disposals of £98m, which also generated property profits of £27m.
Financial Performance
Revenue
Group revenue grew by 4.8% in 2018, and by 4.9% on a like-for-like basis, primarily driven by the strong
growth in the Plumbing & Heating and Contracts divisions and the Toolstation business, partially offset by
the challenges faced by the Wickes business in the first nine months of the year.
Volume, price and mix analysis
Total revenue General Merchanting Plumbing & Heating Contracts Consumer Group
Volume (1.4)% 13.3% 2.5% (2.0)% 2.2%
Price and mix 2.8% 2.8% 4.5% 0.7% 2.7%
Like-for-like revenue growth 1.4% 16.1% 7.0% (1.3)% 4.9%
Network expansion and acquisitions (0.1)% (4.2)% 0.5% 2.2% (0.1)%
Total revenue growth 1.3% 11.9% 7.5% 0.9% 4.8%
The continued expansion of the Toolstation network was offset by branch closures in P&H in 2017. There was no
difference in the number of trading days in 2018 compared to 2017. The Group maintained its stance to recover
input cost inflation across the trade-focused businesses in 2018, with overall price inflation across the
Group of 2.7%. The highest inflation was experienced in the Contracts division where commodity price
inflation had the most concentrated impact, but this tempered over the course of the year.
Pricing in the UK DIY market was extremely competitive through the year, with Wickes making targeted
investments in price in certain categories to drive volume. This was successful, particularly in core
categories in the fourth quarter of the year, but had a detrimental impact on gross margins. The competitive
pressures began to ease towards the end of 2018 and market pricing became more rational.
Quarterly like-for-like revenue analysis
Like-for-like revenue growth General Merchanting Plumbing & Heating Contracts Consumer Group
Q1 2018 (1.3)% 19.7% 0.9% (4.6)% 3.0%
Q2 2018 3.0% 20.1% 9.5% (3.1)% 5.9%
Q3 2018 1.3% 14.8% 8.9% (4.2)% 4.1%
Q4 2018 2.8% 12.0% 8.8% 5.6% 6.9%
H1 2018 0.6% 19.8% 5.1% (4.2)% 4.2%
H2 2018 2.0% 12.9% 8.9% 1.0% 5.5%
FY 2018 1.4% 16.1% 7.0% (1.3)% 4.9%
The quarterly like-for-like sales trend across the Group shows the impact of the severe weather in the first
quarter, which negatively impacted General Merchanting, Contracts, Wickes and Toolstation, but supplied a
modest boost to P&H.
Operating profit and margin
£m 2018 2017 Δ
General Merchanting 179 183 (2.2)%
Plumbing & Heating 39 31 25.8%
Contracts 94 86 9.3%
Consumer 69 82 (15.9)%
Property 27 29 (6.9)%
Unallocated costs (33) (31) 6.5%
Adjusted operating profit 375 380 (1.3)%
Amortisation of acquired intangibles (10) (12)
Adjusting items (387) (41)
Operating profit / (loss) (22) 327
Adjusting Items
Adjusting items in 2018 were £387m, including £252m of goodwill impairment in Wickes and Tile Giant. A full
breakdown of adjusting items is included in note 7.
Finance charge
Net finance charges, shown in note 10, were £24m (2017: £35m). While interest costs on borrowings were
broadly unchanged from 2017 at £24m, interest received was higher in the year at £2.4m, reflecting higher
rates earned on higher average cash balances, and interest received on the investment made in Toolstation
Europe.
The impact of marking-to-market currency forward contracts outstanding at 31 December 2018 was a gain of
£1.8m (2017: charge of £2.9m). These contracts are used to hedge commercial currency transactions.
Net interest on the pension deficit decreased by £2.3m due to a lower valuation of the pension liability.
Taxation
The tax charge for the year ended 31 December 2018 including the effect of adjusting items is £34.1m (2017:
£55.7m). This represents an effective tax rate (ETR) of negative 69.2% (2017: positive 19.2%).
The tax charge for the year before adjusting items is £58.2m (2017: £63.5m) giving an adjusted ETR of 17.3%
(standard rate 19%, 2017 actual: 19.2%). The adjusted ETR rate is lower than the standard rate due to the
release during the year of tax provisions held for uncertain tax positions that have now been agreed with
HMRC, partially offset by a reduced deferred tax asset related to employee share schemes following a decline
in the share price in 2018.
The impairment of goodwill of £252.1m included in the financial statements as an adjusting item does not
attract a tax deduction and so does not affect the tax charge for the period.
Earnings per share
The Group reported a loss after taxation of £84m (2017: profit after tax of £234m) resulting in a basic loss
per share of 34.4 pence (2017: earnings per share of 93.1 pence). The reduction is primarily due to the
impairment of goodwill and intangible assets in the Wickes business by £246m in 2018. There is no significant
difference between basic and diluted basic earnings per share.
Adjusted profit after tax increased by 3.3% to £285m (2017: £276m) resulting in adjusted earnings per share
(note 12b) increasing by 3.7% to 114.5 pence (2016: 110.4 pence). There is no significant difference between
adjusted basic and adjusted diluted earnings per share.
Reconciliation of reported to adjusted earnings
2018 2017
£m Earnings Earnings
Basic earnings and EPS attributable to shareholders (86) 233
Plumbing & Heating division transformation 45 41
Restructuring costs 59 -
IT-related impairment charge 16 -
Pension related items 5 -
Loss on disposal of BPT 10
Impairment of Wickes and Tile Giant goodwill 252 -
Adjusting Items 387 41
Amortisation of acquired intangibles 10 12
Tax on amortisation of acquired intangibles (1) (2)
Tax on adjusting items (24) (8)
Effect of reduction in corporation tax on deferred tax - -
Adjusted earnings and EPS attributable to shareholders 286 276
Cash flow and balance sheet
Free cash flow
The Group generated good free cash flow of £340m, at a cash conversion rate of 91%.
(£m) 2018 2017
EBITA 375 380
Depreciation of PPE and other non-cash movements 138 130
Disposal proceeds in excess of property profits 72 83
Change in working capital (107) (54)
Maintenance capital expenditure (57) (48)
Net interest (26) (27)
Tax paid (55) (57)
Free cash flow 340 407
Underlying cash conversion rate 91% 107%
The primary driver of the year-on-year change in cash generation is the increase in net working capital.
Around two-thirds of this difference can be attributed to trade-related net working capital, with growth in
the customer debtor book moving in line with the growth in sales in the trade-focused merchant businesses,
and higher inventory resulting from stock build activities ahead of the UK leaving the EU at the end of March
2019.
An increase in non-trade related net working capital was primarily driven by higher rebate receivables,
impacted by both higher sales and the phasing of payments over the year end.
The Group has not seen an appreciable change in its bad debt rate year-on-year, which remains at 0.4% of
trade credit sales. There has been some disruption in the construction industry through the course of 2018,
and the Group continues to support customers with tailored payment plans as required, and remains vigilant
for any signs of payment practices changing over time.
Maintenance capex increased modestly to £57m, reflecting the timing of vehicle replacements across the Group.
Capital investments
(£m) 2018 2017
Maintenance (57) (48)
IT (42) (49)
Growth capex (44) (69)
Base capital expenditure (143) (166)
Freehold property (48) (61)
Gross capital expenditure (191) (227)
Property disposals 98 114
Net capital expenditure (93) (113)
The Group continues to make investments to deliver a new ERP system to support the Group's merchanting
businesses. The initial launch of the new platform into the BSS business has been delayed in order for the
scope of the programme to be extended to include a number of the applications used by the Group's businesses
which need to link into the new system. Reducing the total number of linked applications requires more work
in the near-term, and will extend the overall programme by around one year, but will mitigate significant
risk in the implementation phase of the project.
Growth capex spend of £44m was lower than in 2017 (£69m), as expected, and reflects a tighter approach to
investing new capital during a period where market volume growth is weak. Growth capex was focused behind the
Group's main investment priorities, in particular the continued expansion of the Toolstation network in the
UK, with a further 40 stores opened. A small number of new Travis Perkins branches were opened, but mainly
focused on relocation or consolidation of existing branches. The refitting of Travis Perkins branches and
Wickes stores continued, albeit at a slower rate.
New property purchases were lower in 2018, with purchases focused on sites that will be strategically
important in the long term. Property disposals continued, with £98m received in the year. The Group has now
disposed of the vast majority of its retail sites as the risk of significant rent inflation in a challenging
UK retail environment is low.
Net debt and funding
Net debt of £354m at 31 December 2018 was a modest increase of £12m from the end of December 2017, reflecting
the good cash generation and tighter control on capital investment. As at 31 December 2018, the Group's
committed funding of £1,100m comprised:
● £250m guaranteed notes due September 2021, listed on the London Stock Exchange
● £300m guaranteed notes due September 2023, listed on the London Stock Exchange
● A revolving credit facility of £550m, refinanced in December 2015, which runs until December 2020,
advanced by a syndicate of 8 banks.
As at 31 December 2018, the Group had undrawn committed facilities of £550m (2017: £550m) and cash on deposit
of £190m (2017: £215m).
In January 2019, the Group agreed a new revolving credit facility, replacing the previous £550m facility. The
new agreement provides committed funding of £400m until January 2024 from a syndicate of eight banks, with
options in place to extend funding to £550m if required, and two one-year extension options to be exercised
in Q1 2020 and Q1 2021. This refinancing process was completed early in order to remove the potential
refinancing risk surrounding the UK's exit from the EU.
The Group's credit rating, issued by Standard and Poors, was maintained at BB+ stable following its review in
April 2018.
The Group has a policy of funding through floating interest rate facilities owing to the significant implicit
fixed interest charges within its leases. However, owing to the uncertainty surrounding the UK's decision to
leave the EU and historically low fixed interest rates achieved on its bonds, it took a decision in 2016 to
fix all of its interest rate costs other than the rates it receives through drawings on its revolving credit
facility, which were nil as at 31 December 2018.
The Group's lease debt reduced modestly, down £46m from the end of 2017. Overall branch numbers increased
modestly in the year from 2,076 to 2,091; while the Group reduced the overall number of merchanting branches,
the number of Toolstation units grew. These units are typically smaller with shorter lease terms.
Lease adjusted net debt modestly reduced compared with 31 December 2017 as the lower lease obligations offset
the modestly higher net debt position.
Medium Term Guidance 2018 2017 Δ
Net debt £354m £342m £12m
Lease debt £1,479m £1,525m £(46)m
Lease adjusted net debt £1,833m £1,867m £(34)m
Lease adjusted gearing 43.7% 42.6% 1.1ppt
Fixed charge cover 3.5x 3.2x 3.1x 0.1x
LA net debt : EBITDAR 2.5x 2.7x 2.7x -
Lease adjusted gearing (note 15c) increased by 1.1ppts in 2018 to 43.7%, primarily due to the write off of
goodwill in the Wickes business, which has reduced the lease adjusted equity through the course of the year.
The Group's fixed charge cover ratio (note 17c) rose to 3.2x, with broadly stable earnings on a lower
interest charge, with broadly stable rent charge. The LA net debt/EBITDAR ratio (note 17b) was stable year on
year, at 2.7x.
Dividend
At the Capital Markets event in December 2018, the Group reiterated its commitment to a progressive dividend
policy which is supported by the Board's confidence in the Group's expected future cash flow generation. The
proposed dividend for the full year 2018 of 47.0 pence (2017: 46.0 pence) results in a 2.2% increase (2017:
2.2% increase).
An interim dividend of 15.5 pence was paid to shareholders in November 2018 at a cost of £38m. If approved,
the proposed final dividend of 31.5 pence per share will be paid on 17 May 2019, to shareholders on the
register at the close of business on 5 April 2019, the cash cost of which will be approximately £78m.
Pensions
The Group made £7m (2017: £11m) of additional cash contributions to its defined benefit schemes in 2018. At
31 December 2018, the combined gross accounting surplus for the Group's final salary pension schemes was £81m
(31 December 2017: deficit of £28m), which equated to a net surplus after tax of £66m (31 December 2017: net
deficit of £23m). During the year, the Group closed its two principal UK Defined Benefit Schemes to future
accrual resulting in a curtailment gain of £4.7m as described in the adjusting items note (note 7). The Group
also agreed the triennial actuarial reviews as at 30 September 2017 with the trustees of both schemes
resulting in a modest reduction in funding contributions required over the period to September 2020.
Principal risks and uncertainties
The risk environment in which the Group operates does not remain static. During the year, the Directors have
reviewed the Group's principal risks and have concluded that as the nature of the business and the
environment in which it operates remain broadly the same, the principal risks it faces are largely unchanged
from those listed on pages 33 to 39 of the 2017 Annual Report and Accounts. However, following the
announcement in December 2017 that the Group strategy is being refined to achieve greater simplification and
a focus on serving trade customers through advantaged businesses, activities are underway to reshape the
portfolio with the proposed divestment of the Plumbing & Heating businesses. As a result, the Directors have
concluded that M&A activity, previously combined with risks associated with business transformation projects,
is a key area of focus and heightened risk for the Group and is described separately. The Directors have also
extended the description of health and safety risk to consider in more detail the transport-related risk
faced by the Group, due to the scale of the fleet it operates and the associated regulatory and compliance
requirements. Finally, the reduction in the deficit for the Group's two defined benefit schemes, supported by
the closure of the schemes to future accrual in 2018 and a continued focus on liability management, means
that the Board no longer believes that this area represents a principal risk.
Accordingly the 2018 annual report and accounts will report risks under the following captions: the changing
customer and competitor landscape, colleague recruitment, retention and succession, supplier dependency and
disintermediation, unsafe practices that lead to stakeholders being harmed, the efficient allocation of
capital, business transformation projects, execution of planned M&A and disposals, market conditions, Brexit,
data security and the changing regulatory framework.
Consolidated income statement
For the year ended 31 December 2018
£m Note 2018 2017
Revenue 6,740.5 6,433.1
Adjusted operating profit 374.5 380.1
Amortisation of acquired intangible assets (9.5) (12.3)
Adjusting items 7 (386.7) (40.9)
Operating (loss) / profit (21.7) 326.9
Share of associates' results (4.0) (2.2)
Finance income 10 4.2 0.7
Finance costs 10 (27.9) (35.7)
(Loss) / profit before tax (49.4) 289.7
Tax 11 (34.1) (55.7)
(Loss) / profit for the year (83.5) 234.0
Attributable to:
Owners of the Company (85.6) 232.8
Non-controlling interests 2.1 1.2
(83.5) 234.0
(Loss) / profit per ordinary share
Basic 12a (34.4)p 93.1p
Diluted 12a (34.4)p 92.2p
Total dividend declared per ordinary share 13 47.0p 46.0p
All results relate to continuing operations.
Consolidated statement of comprehensive income
For the year ended 31 December 2018
£m 2018 2017
(Loss) / profit for the year (83.5) 234.0
Items that will not be reclassified subsequently to profit and loss:
Actuarial gains on defined benefit pension schemes 102.0 90.8
Income tax relating to other comprehensive income (19.3) (17.1)
Other comprehensive income for the year net of tax 82.7 73.7
Total comprehensive (loss) / income for the year (0.8) 307.7
All other comprehensive income is attributable to the owners of the company.
Consolidated balance sheet
As at 31 December 2018
£m 2018 2017
Assets
Non-current assets
Goodwill 1,289.2 1,539.2
Other intangible assets 385.4 387.1
Property, plant and equipment 913.2 932.0
Interest in associates 34.2 20.3
Investments 6.6 9.5
Retirement benefit asset 81.2 -
Other receivables 43.3 30.4
Total non-current assets 2,753.1 2,918.5
Current assets
Inventories 855.3 816.3
Trade and other receivables 1,253.8 1,130.2
Cash and cash equivalents 255.4 276.8
Total current assets 2,364.5 2,223.3
Total assets 5,117.6 5,141.8
Equity and Liabilities
Capital and reserves
Issued share capital 25.2 25.2
Share premium account 545.4 543.4
Merger reserve 326.5 326.5
Revaluation reserve 14.7 15.7
Own shares (47.8) (15.3)
Other reserve (5.6) (4.9)
Retained earnings 1,847.5 1,958.0
Equity attributable to owners of the Company 2,705.9 2,848.6
Non-controlling interests 11.8 11.7
Total equity 2,717.7 2,860.3
Non-current liabilities
Interest bearing loans and borrowings 605.2 612.1
Derivative financial instruments 0.9 4.9
Retirement benefit obligations - 28.3
Deferred tax liabilities 77.8 61.0
Long-term provisions 18.4 17.0
Total non-current liabilities 702.3 723.4
Current liabilities
Interest bearing loans and borrowings 3.8 6.2
Derivative financial instruments 4.7 1.2
Trade and other payables 1,603.2 1,453.6
Tax liabilities 25.9 44.5
Short-term provisions 60.0 52.6
Total current liabilities 1,697.6 1,558.1
Total liabilities 2,399.9 2,281.5
Total equity and liabilities 5,117.6 5,141.8
Consolidated statement of changes in equity
For the year ended 31 December 2017
Total equity Non
£m Share Share Merger Revaluation Own Other Retained before controlling Total
capital premium reserve reserve shares earnings non-controlling interest equity
interest
At 1 January 25.1 528.5 326.5 16.8 (8.7) - 1,760.1 2,648.3 7.3 2,655.6
2017
Profit for the - - - - - - 232.8 232.8 1.2 234.0
year
Other
comprehensive
income for the - - - - - - 73.7 73.7 - 73.7
period net of
tax
Total
comprehensive - - - - - - 306.5 306.5 1.2 307.7
income for the
year
Dividends - - - - - - (113.0) (113.0) - (113.0)
Issue of share 0.1 14.9 - - - - - 15.0 - 15.0
capital
Purchase of own - - - - (19.2) - - (19.2) - (19.2)
shares
Adjustments in
respect of - - - (1.1) - - 1.1 - - -
revalued fixed
assets
Equity-settled
share-based - - - - - - 15.7 15.7 - 15.7
payments, net
of tax
Options on
non-controlling - - - - - (4.9) - (4.9) - (4.9)
interest
Arising on - - - - - - - - 3.2 3.2
acquisition
Foreign - - - - - - 0.2 0.2 - 0.2
exchange
Own shares - - - - 12.6 - (12.6) - - -
movement
At 31 December 25.2 543.4 326.5 15.7 (15.3) (4.9) 1,958.0 2,848.6 11.7 2,860.3
2017
IFRS 9 adoption - - - - - - (2.4) (2.4) - (2.4)
At 31 December 25.2 543.4 326.5 15.7 (15.3) (4.9) 1,955.6 2,846.2 11.7 2,857.9
2017 (restated)
Consolidated statement of changes in equity (continued)
For the year ended 31 December 2018
Total equity Non
£m Share Share Merger Revaluation Own Other Retained before controlling Total
capital premium reserve reserve shares earnings non-controlling interest equity
interest
At 31 December 25.2 543.4 326.5 15.7 (15.3) (4.9) 1,955.6 2,846.2 11.7 2,857.9
2017 (restated)
Loss for the - - - - - - (85.6) (85.6) 2.1 (83.5)
year
Other
comprehensive
income for the - - - - - - 82.7 82.7 - 82.7
period net of
tax
Total
Comprehensive - - - - - - (2.9) (2.9) 2.1 (0.8)
(loss) / income
for the year
Dividends - - - - - - (114.1) (114.1) (2.0) (116.1)
Dividend
equivalent - - - - - - (0.8) (0.8) - (0.8)
payments
Issue of share - 2.0 - - - - - 2.0 - 2.0
capital
Purchase of own - - - - (43.4) - - (43.4) - (43.4)
shares
Adjustments in
respect of - - - (1.0) - - 1.0 - - -
revalued fixed
assets
Equity-settled
share-based - - - - - - 19.7 19.7 - 19.7
payments, net
of tax
Option on
non-controlling - - - - - (0.7) - (0.7) - (0.7)
interest
Foreign - - - - - - (0.1) (0.1) - (0.1)
exchange
Own shares - - - - 10.9 - (10.9) - - -
movement
At 31 December 25.2 545.4 326.5 14.7 (47.8) (5.6) 1,847.5 2,705.9 11.8 2,717.7
2018
Consolidated cash flow statement
For the year ended 31 December 2018
£m 2018 2017
Cash flows from operating activities
Adjusted operating profit 374.5 380.1
Adjustments for:
Depreciation of property, plant and equipment 101.0 102.0
Amortisation of internally-generated intangibles 15.5 12.6
Share-based payments 19.6 15.6
Other non-cash movements 2.1 0.2
Gain on disposal of property, plant and equipment (26.8) (30.6)
Adjusted operating cash flows 485.9 479.9
Increase in inventories (49.5) (47.0)
Increase in receivables (141.4) (106.3)
Increase in payables 83.8 76.8
Payments in respect of adjusting items (40.6) (20.2)
Pension payments in excess of the income statement charge (7.2) (11.3)
Cash generated from operations 331.0 371.9
Interest paid (26.2) (27.6)
Current income taxes paid (55.1) (57.2)
Net cash from operating activities 249.7 287.1
Cash flows from investing activities
Interest received 0.7 0.5
Proceeds on disposal of property, plant and equipment 98.4 113.9
Development of computer software (44.4) (48.1)
Purchases of property, plant and equipment (146.9) (179.0)
Interest in associates (17.6) (11.3)
Dividends received - 0.3
Acquisition of businesses (3.0) (9.7)
Disposal of business 9.0 -
Net cash used in investing activities (103.8) (133.4)
Cash flows from financing activities
Proceeds from the issue of share capital 2.0 15.0
Purchase of own shares (43.4) (19.2)
Repayment of finance lease liabilities (6.5) (7.0)
Payments to pension scheme (3.3) (3.2)
Dividends paid (116.1) (113.0)
Net cash from financing activities (167.3) (127.4)
Net (decrease) / increase in cash and cash equivalents (21.4) 26.3
Cash and cash equivalents at the beginning of the year 276.8 250.5
Cash and cash equivalents at the end of year 255.4 276.8
Notes
1. The Group's principal accounting policies are set out in the 2018 Annual Report & Accounts, which will be
made available on the Company's website ( 2 www.travisperkinsplc.co.uk) on 26 February 2019.
2. The proposed final dividend of 31.50 pence (2017: 30.50 pence) is payable on 17 May 2019. The record
date is 5 April 2019.
3. The financial information set out above does not constitute the Company's statutory accounts for the
years ended 31 December 2018 or 31 December 2017, but is derived from those accounts. Statutory accounts
for 2017 have been delivered to the Registrar of Companies and those for 2018 will be delivered in due
course. The auditor has reported on those accounts; their reports were (i) unqualified, (ii) did not
include a reference to any matters to which the auditor drew attention by way of emphasis without
qualifying their reports and (iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006. The audit of the statutory accounts for the year ended 31 December 2018 is now
complete. Whilst the financial information included in this announcement has been computed in accordance
with International Financial Reporting Standards ("IFRS") this announcement does not itself contain
sufficient information to comply with IFRS. This announcement was approved by the Board of Directors on
25 February 2019.
4. The 2018 Annual Report & Accounts will be made available on 26 February 2019 on the Group's website. It
is intended to post the Annual Report & Accounts to shareholders on Wednesday 20 March 2019 and to hold
the Annual General Meeting on 8 May 2019. Copies of the Annual Report & Accounts prepared in accordance
with IFRS will be available from the Company Secretary, Travis Perkins plc, Lodge Way House, Harlestone
Road, Northampton NN5 7UG from Wednesday 20 March 2019.
6. Profit
(a) Operating profit
£m 2018 2017
Revenue 6,740.5 6,433.1
Cost of sales (4,812.7) (4,527.5)
Gross profit 1,927.8 1,905.6
Selling and distribution costs (1,607.4) (1,239.7)
Administrative expenses (375.0) (374.0)
Profit on disposal of properties 26.8 29.4
Other operating income 6.1 5.6
Operating (loss) / profit (21.7) 326.9
Adjusting items 386.7 40.9
Amortisation of acquired intangible assets 9.5 12.3
Adjusted operating profit 374.5 380.1
Profit on disposal of properties (26.8) (29.4)
Adjusted operating profit before property disposals 347.7 350.7
(b) Adjusted profit
£m 2018 2017
(Loss) / profit before tax (49.4) 289.7
Adjusting items 386.7 40.9
Amortisation of acquired intangible assets 9.5 12.3
Adjusted profit before tax 346.8 342.9
Tax (34.1) (55.7)
Tax on adjusting items (24.2) (7.8)
Tax on amortisation of acquired intangible assets (1.6) (2.1)
Adjusted profit after tax 286.9 277.3
7. Adjusting items
£m 2018 2017
Plumbing & Heating transformation and disposal preparation 45.3 40.9
Impairment of Wickes and Tile Giant goodwill 252.1 -
IT-related impairment costs 15.7 -
Restructuring costs 58.4 -
Pension-related items 4.9 -
Loss on disposal of BPT (note 20) 10.3 -
386.7 40.9
P&H transformation and disposal preparation
In August 2017 the Group announced that, following a comprehensive strategic review of the Plumbing & Heating
division, it would reduce capacity, integrate the CPS and PTS businesses, overhaul the division's customer
proposition and create a dedicated Plumbing & Heating supply chain. In accordance with the Group's accounting
policy the total cost of £36.4m (2017: £40.9m) has been treated as an adjusting item.
The adjusting item consisted of the following:
● £1.2m of property, redundancy and other costs (2017: £12.0m) associated with the closure of six
branches
● £22.8m of costs (2017: £19.1m) arising from the separation and rationalisation of the Plumbing &
Heating supply chain and the integration of the CPS and PTS businesses. The costs comprised property-related
costs, redundancy and reorganisation costs and inventory write-downs and provision adjustments
● £12.4m of central and divisional costs (2017: £9.8m) including people-related, consultancy and other
restructuring costs
Further to this, in December 2018 the Group announced its intention to explore the opportunity to dispose of
the Plumbing & Heating division and has incurred £8.9m of related costs, which are included in this adjusting
item. An assessment has been made as to whether the Plumbing & Heating division meets the criteria in IFRS 5
- Non-current Assets Held for Sale and Discontinued Operations for classification as held for sale. The
Directors concluded that as at 31 December 2018 the division was not available for immediate sale in its
present condition and accordingly it has not been classified as held for sale.
Impairment of goodwill
During 2018 the Group has recognised an impairment charge in respect of goodwill in Wickes and Tile Giant,
due to lower forecasts than previously expected.
IT-related impairment costs
The intangible fixed asset impairment charge arises from the termination of certain IT projects in the Wickes
business (£6.5m) and in the central IT function (£2.5m) and the change arising from two specific components
of the Group's ERP project where the development activities no longer meet the criteria in IAS 38 -
Intangible Assets for capitalisation as development costs (£6.7m).
7. Adjusting items (continued)
Restructuring costs
The restructuring charge relates to the cost-reduction programme announced for the Wickes business in May
2018 and for the wider Group in July 2018.
● £16.0m relating to rationalisation of the merchanting supply chain, which includes the costs of
consolidating the Gowerton Road and Mercury Drive distribution hubs, consolidating the Cardiff Range Centre
and Cardiff Timber Centre and closing the Tilbury Range Centre. The Group has made a claim against the
developer in respect of the closure of the Tilbury Range Centre.
● £16.3m of costs relating to the closure of twenty seven branches and a reduction in support centre
headcount in the merchanting businesses. The costs comprised property-related costs, redundancy costs and
inventory write-downs.
● £12.8m of redundancy and reorganisation costs in the Wickes business
● £13.3m of Group costs, including people-related costs and consultancy
Pension-related items
The £4.9m pension-related charge consists of a £4.7m curtailment gain recognised as a result of the closure
of the Group's two main defined benefit pension schemes to future accrual and a £9.6m charge for the
equalisation of guaranteed minimum pension ("GMP") benefits between men and women.
8. Operating segments
2018
General Merchanting Contracts Plumbing &
£m Consumer Heating Unallocated Consolidated
Revenue 2,137.3 1,471.5 1,604.0 1,527.7 - 6,740.5
Segment result 152.0 85.7 (187.8) (5.4) (66.2) (21.7)
Amortisation of acquired - 6.3 2.4 0.8 - 9.5
intangible assets
Adjusting items 28.9 5.5 272.3 46.3 33.7 386.7
Adjusted segment result 180.9 97.5 86.9 41.7 (32.5) 374.5
Less property profits (2.4) (3.9) (17.7) (2.8) - (26.8)
Adjusted segment result excluding 178.5 93.6 69.2 38.9 (32.5) 347.7
property profits
Adjusted operating margin 8.5% 6.6% 5.4% 2.7% - 5.6%
Adjusted segment margin excluding 8.4% 6.4% 4.3% 2.6% - 5.2%
property profits
Lease adjusted capital employed 1,601.5 680.4 1,824.4 436.3 (74.4) 4,468.2
Lease adjusted operating profit 193.4 100.6 128.1 49.7 (31.0) 440.8
excluding property profits
Segment assets 1,848.0 910.3 1,333.9 645.2 380.2 5,117.6
Segment liabilities (490.8) (318.9) (458.2) (392.2) (739.8) (2,399.9)
Consolidated net assets 1,357.2 591.4 875.7 253.0 (359.6) 2,717.7
Capital expenditure 131.0 12.8 47.1 4.7 1.9 197.5
Amortisation of acquired - 6.3 2.4 0.8 - 9.5
intangible assets
Depreciation and amortisation of 63.9 14.5 29.1 8.8 0.2 116.5
software
8. Operating segments (continued)
2017
£m General Merchanting Contracts Consumer Plumbing & Unallocated Consolidated
Heating
Revenue 2,109.5 1,369.0 1,589.1 1,365.5 - 6,433.1
Segment result 200.6 81.3 79.4 (3.5) (30.9) 326.9
Amortisation of acquired - 6.3 5.0 1.0 - 12.3
intangible assets
Adjusting items - - - 40.9 - 40.9
Adjusted segment result 200.6 87.6 84.4 38.4 (30.9) 380.1
Less property profits (18.0) (1.9) (1.9) (7.6) - (29.4)
Adjusted segment result excluding 182.6 85.7 82.5 30.8 (30.9) 350.7
property profits
Adjusted operating margin 9.5% 6.4% 5.3% 2.8% - 5.9%
Adjusted segment margin excluding 8.7% 6.3% 5.2% 2.3% - 5.5%
property profits
Lease adjusted capital employed 1,624.5 671.6 1,827.6 436.7 (107.1) 4,453.3
Lease adjusted operating profit 202.0 93.0 142.4 41.0 (31.0) 447.4
excluding property profits
Segment assets 1,811.0 867.2 1,544.6 592.3 326.7 5,141.8
Segment liabilities (441.5) (323.5) (403.6) (317.8) (795.1) (2,281.5)
Consolidated net assets 1,369.5 543.7 1,141.0 274.5 (468.4) 2,860.3
Capital expenditure 152.9 14.3 57.3 3.6 2.3 230.4
Amortisation of acquired - 6.3 5.0 1.0 - 12.3
intangible assets
Depreciation and amortisation of 67.5 11.8 26.4 8.8 0.1 114.6
software
9. Pension schemes
£m 2018 2017
At 1 January actuarial (deficit) / asset (19.1) (127.3)
Additional liability recognised for minimum funding requirements (9.2) -
(28.3) (127.3)
Current service costs and administrative expenses charged to the income statement (6.5) (9.6)
Past service costs (4.9) -
Net interest income / (expense) 0.4 (3.1)
Contributions from sponsoring companies 18.5 20.9
Return on plan assets (excluding amounts included in net interest) (25.8) 80.9
Actuarial gain / (loss) arising from changes in demographic assumptions (4.0) 26.8
Actuarial gain / (loss) arising from changes in financial assumptions 99.5 (1.1)
Actuarial gain / (loss) arising from experience adjustments 23.1 (6.6)
Reduction / (increase) in minimum funding requirement liability 9.2 (9.2)
Gross pension asset / (liability) at 31 December 81.2 (28.3)
Deferred tax (liability) / asset (15.4) 5.4
Net pension asset / (liability) at 31 December 65.8 (22.9)
10. Net finance costs
(a) Finance costs and finance income
£m 2018 2017
Interest on bank loans and overdrafts* (2.7) (4.1)
Interest on sterling bonds (21.0) (21.0)
Interest on obligations under finance leases (0.4) (0.8)
Unwinding of discounts - property provisions (0.2) (0.7)
Unwinding of discounts - pension SPV loan (2.1) (2.4)
Other interest (0.7) (0.7)
Other finance costs - pension scheme (0.8) (3.1)
Net loss on remeasurement of derivatives at fair value - (2.9)
Finance costs (27.9) (35.7)
Net gain on remeasurement of derivatives at fair value 1.8 -
Net gain on remeasurement of foreign exchange 0.7 -
Interest receivable 1.7 0.7
Finance income 4.2 0.7
Net finance costs (23.7) (35.0)
10. Net finance costs (continued)
(b) Fixed charge cover interest
£m 2018 2017
Interest on bank loans and overdrafts* 2.7 4.1
Interest on sterling bonds 21.0 21.0
Interest on obligations under finance leases 0.4 0.8
Unwinding of discounts - pension SPV loan 2.1 2.4
Fixed charge cover interest charge 26.2 28.3
*Includes £1.5m (2017: £1.5m) of amortised finance charges.
11. Tax
£m 2018 2017
Current tax:
- current year 47.1 57.5
- prior year (10.4) 0.4
Total current tax 36.7 57.9
Deferred tax:
- current year (2.7) (2.5)
- prior year 0.1 0.3
Total deferred tax (2.6) (2.2)
Total tax charge 34.1 55.7
12. Earnings per share
(a) Basic and diluted earnings per share
£m 2018 2017
Earnings for the purposes of basic and diluted earnings per share being net profit (85.6) 232.8
attributable to equity holders of the Parent Company
Weighted average number of shares for the purposes of basic earnings per share 248,681,183 250,100,896
Dilutive effect of share options on potential ordinary shares 345,820 2,468,248
Weighted average number of ordinary shares for the purposes of diluted earnings per 249,027,003 252,569,144
share
(Loss) / earnings per share (34.4p) 93.1p
Diluted (loss) / earnings per share (34.4p) 92.2p
5,284,836 share options (2017: 978,010 share options) had an exercise price in excess of the average market
value of the shares during the year. As a result, these share options were excluded from the calculation of
diluted earnings per share.
12. Earnings per share (continued)
(b) Adjusted earnings per share
Adjusted earnings per share are calculated by excluding the effect of the adjusting items and amortisation of
acquired intangible assets from earnings.
£m 2018 2017
Earnings for the purposes of basic and diluted earnings per share being net profit attributable (85.6) 232.8
to equity holders of the Parent Company
Adjusting items 386.7 40.9
Amortisation of acquired intangible assets 9.5 12.3
Tax on adjusting items (24.2) (7.8)
Tax on amortisation of acquired intangible assets (1.6) (2.1)
Adjusted earnings 284.8 276.1
Adjusted earnings per share 114.5p 110.4p
Adjusted diluted earnings per share 114.4p 109.3p
13. Dividends
Amounts were recognised in the financial statements as distributions to equity shareholders as follows:
£m 2018 2017
Final dividend for the year ended 31 December 2017 of 30.50p (2016: 29.75p) per ordinary share 75.6 74.7
Interim dividend for the year ended 31 December 2018 of 15.50p (2017: 15.50p) per ordinary share 38.5 38.3
Total dividend recognised during the year 114.1 113.0
The dividends declared for 2018 and for 2017 were as follows:
Pence 2018 2017
Interim paid 15.5 15.5
Final proposed 31.5 30.5
Total dividend for the year 47.0 46.0
The proposed final dividend of 31.50p per ordinary share in respect of the year ended 31 December 2018 was
approved by the Board on 25 February 2019. This final dividend of c.£79.4m (2017: £76.9m) will be paid on 17
May 2019 to shareholders whose names are on the Register of Members at the close of business on 5 April 2019.
A dividend reinvestment plan ("DRIP") is available to shareholders who would prefer to invest their dividends
in the shares of the Company. Elections under the DRIP must be made by close of business on 24 April 2019.
14. Free cash flow
£m 2018 2017
Net debt before exchange and fair value adjustments at 1 January (341.5) (377.5)
Net debt before exchange and fair value adjustments at 31 December (353.6) (341.5)
Increase in net debt before exchange and fair value adjustments (12.1) 36.0
Dividends paid 116.1 113.0
Net cash outflow for expansionary capital expenditure and related items* 134.9 201.5
Net cash outflow for acquisitions 3.0 9.7
Net cashflow for investments - (0.3)
Disposal of business (9.0) -
Amortisation of swap cancellation receipt (3.4) (3.4)
Discount unwind on liability to pension scheme 2.3 2.4
Cash impact of adjusting items 40.6 20.2
Interest in associates 17.6 11.3
Purchase of shares 43.4 19.2
Shares issued (2.0) (15.0)
Movement in finance charges netted off bank debt 1.5 1.5
Special pension contributions 7.2 11.3
Free cash flow 340.1 407.4
*Expansion capital expenditure includes £nil (2017: £22.1m) in relation to the development of cloud-based
software classified as a non-current prepayment.
15. Net debt and lease-adjusted gearing
(a) Net debt
Balances at 31 December comprise:
£m 2018 2017
Cash and cash equivalents 255.4 276.8
Non-current interest bearing loans and borrowings (605.2) (612.1)
Current interest bearing loans and borrowings (3.8) (6.2)
Net debt (353.6) (341.5)
Finance leases arising from the implementation of IAS 17 - Leases 8.0 9.5
Liability to pension scheme 32.8 33.7
Finance charges netted off borrowings (4.0) (5.5)
Net debt under covenant calculations (316.8) (303.8)
15. Net debt and lease-adjusted gearing (continued)
(b) Movement in net debt
The Group
£m Cash and cash Finance Term loan and revolving credit Sterling Liability to Total
equivalents leases facility and loan notes bonds pension scheme
At 1 January 2017 (250.5) 34.5 (3.0) 562.0 34.5 377.5
Cash flow (26.3) (7.0) - - (3.2) (36.5)
Finance charges - - 0.8 0.7 - 1.5
movement
Amortisation of swap - - - (3.4) - (3.4)
cancellation receipt
Discount unwind on
liability to pension - - - - 2.4 2.4
scheme
At 1 January 2018 (276.8) 27.5 (2.2) 559.3 33.7 341.5
Cash flow 21.4 (6.5) - - 3.3 18.2
Finance charges - - 0.8 0.7 - 1.5
movement
Amortisation of swap - - - (3.4) - (3.4)
cancellation receipt
Discount unwind on
liability to pension - - - - (4.2) (4.2)
scheme
31 December 2018 (255.4) 21.0 (1.4) 556.6 32.8 353.6
(c) Lease-adjusted gearing
£m 2018 2017
Net debt 353.6 341.5
Property operating lease rentals x8 1,479.2 1,524.8
Lease-adjusted net debt 1,832.8 1,866.3
Property operating lease rentals x8 1,479.2 1,524.8
Closing net assets 2,717.7 2,860.3
Lease-adjusted equity 4,196.9 4,385.1
Gearing 43.7% 42.6%
16. Return on capital ratios
(a) Return on capital employed
2018 2017
£m
*restated
Operating profit / (loss) (21.7) 326.9
Amortisation of acquired intangible assets 9.5 12.3
Adjusting items 386.7 40.9
Adjusted operating profit 374.5 380.1
Opening net assets 2,860.3 2,655.6
Net pension deficit 22.9 103.2
Net debt before exchange and fair value adjustments 341.5 377.5
Exchange and fair value adjustment - -
Goodwill amortisation and impairment (252.1) (252.1)
Tax on impairment of goodwill and intangibles - -
Opening capital employed 2,972.6 2,884.2
Closing net assets 2,717.7 2,860.3
Net pension (surplus) / deficit (65.8) 22.9
Net debt 353.6 341.5
Goodwill amortisation and impairment - (252.1)
Closing capital employed 3,005.5 2,972.6
Average capital employed 2,989.0 2,928.4
(b) Lease-adjusted return on capital employed
2018 2017
£m
*restated
Adjusted operating profit 374.5 380.1
50% of property operating lease rentals 92.5 95.3
Lease adjusted operating profit 467.0 475.4
Average capital employed 2,989.0 2,928.4
Property operating lease rentals x8 1,479.2 1,524.8
Lease adjusted capital employed 4,468.2 4,453.2
Lease adjusted return on capital employed 10.5% 10.7%
* Goodwill amortisation and impairment restated to include 2018 impairment for comparability purposes.
17. Leverage ratios
(a) Net debt to adjusted EBITDA
£m 2018 2017
(Loss) / profit before tax (49.4) 289.7
Net finance costs 23.7 35.0
Depreciation and amortisation 126.0 126.9
EBITDA 100.3 451.6
Adjusting operating items 386.7 40.9
Adjusted EBITDA under covenant calculations 487.0 492.5
Net debt under covenant calculations 316.8 303.8
Adjusted net debt to EBITDA under covenant calculations 0.65x 0.62x
(b) Lease adjusted net debt to adjusted EBITDAR
£m 2018 2017
Adjusted EBITDA under covenant calculations 487.0 492.5
Share of associates' results 4.0 2.2
Property operating lease rentals net of rent receivable 184.9 190.6
Adjusted EBITDAR 675.9 685.3
Net debt 353.6 341.5
Property lease rentals x 8 1,479.2 1,524.8
Lease adjusted net debt 1,832.8 1,866.3
Lease adjusted net debt to EBITDAR 2.7x 2.7x
(c) Fixed charge cover
£m 2018 2017
Adjusted EBITDAR 675.9 685.3
Property operating lease rentals net of rent receivable 184.9 190.6
Interest for fixed charge cover calculation 26.2 28.3
211.1 218.9
Fixed charge cover net of rent receivable 3.2x 3.1x
18. Revenue reconciliation and like-for-like sales
Like-for-like sales are a measure of underlying sales performance for two successive periods. Branches
contribute to like-for-like sales once they have been trading for more than 12 months. Revenue included in
like-for-like is for the equivalent times in both years being compared. When branches close revenue is
excluded from the prior year figures for the months equivalent to the post closure period in the current
year.
Network change includes the impact of the disposal of the BPT business of £6m.
£m General Merchanting Contracts Consumer Plumbing & Heating Consolidated
2017 revenue 2,109.5 1,369.0 1,589.1 1,365.5 6,433.1
Like-for-like revenue 28.8 94.9 (20.7) 210.0 313.0
2,138.3 1,463.9 1,568.4 1,575.5 6,746.1
Network change (1.0) 7.2 36.0 (47.8) (5.6)
2018 revenue 2,137.3 1,471.1 1,604.4 1,527.7 6,740.5
19. Acquisition of businesses
On 28 September 2018, the Group acquired 100% of the issued share capital of E. East & Son Limited for total
consideration of £3.0m, all satisfied by cash. The net assets acquired totalled £0.9m and goodwill of £2.1m
was recognised as a result of this transaction.
On 13 October 2017, the Group acquired 75% of the issued share capital of National Shower Spares Limited, a
leading online retailer of shower spares, for total cash consideration of £2.7m. On 28 April 2017, the Group
acquired 77.5% of the issued share capital of TFS Holdings Limited, an air conditioning and refrigeration
distributor, for total cash consideration of £7.8m. All acquisitions were accounted for using the purchase
method of accounting. The net assets acquired totalled £2.8m and £10.9m of goodwill and a non-controlling
interest of £3.2m have been recognised. The goodwill represents the benefits from forecast growth and the
assembled workforces. A non-current liability of £4.9m has been recognised in respect of put options on the
non-controlling interests. For the period from acquisition, the combined revenue and operating profit for the
above acquisitions total £12.6m and £1.4m respectively. If the acquisitions had been completed on the first
day of 2017, group revenue would have been £6,443.5m and group operating profit for 2017 would have
been £327.8m.
On 2 January 2019, the Group acquired the remaining 25% of the issued share capital of National Shower Spares
Limited for the total cash consideration of £1.3m. This is a non-adjusting post balance sheet event.
20. Sale of business
On 30 September 2018 the Group sold the trade and assets of Birchwood Price Tools business for a total cash
consideration of £9.0m, generating a loss on disposal of £10.3m, which has been disclosed as an adjusting
item. Total net assets sold consist of £12.5m of working capital, £0.6m of other debtors and other creditors
and £0.3m of fixed assets. As a result of the above disposal, £5.9m of intangible fixed assets were
derecognised.
The disposal is not a discontinued operation under IFRS 5 - Non-current Assets Held for Sale and Discontinued
Operations as the sale of Birchwood Price Tools does not represent either a separate major line of the Group
or a geographical area of operations.
21. Impact of IFRS 16 - Leases
In January 2016 the IASB issued IFRS 16 - Leases and this was endorsed by the European Union in October 2017.
It will be effective from 1 January 2019. This Standard will have a material effect on the Group because the
value of the operating leases it has entered into will be included in the balance sheet in future. The Group
has a project team working to implement the processes and systems necessary to comply with its requirements.
The impact of adopting the standard on 1 January 2019 may change from current estimates because:
● the Group's lease portfolio is frequently changing
● the new accounting policies are subject to change until the Group presents its first financial
statements that include the date of initial application
IFRS 16 - Leases introduces a single, on-balance sheet lease accounting model for lessees. A lessee
recognises a right-of-use asset representing its right to use the underlying asset and a lease liability
representing its obligation to make lease payments. There are elective recognition exemptions for short-term
leases and leases of low-value items. Lessor accounting remains similar to the current standard: lessors
continue to classify leases as finance or operating leases.
IFRS 16 - Leases replaces existing leases guidance including IAS 17 - Leases and IFRIC 4 - Determining
whether an Arrangement contains a Lease.
i. Leases in which the Group is a lessee
The Group will recognise new assets and liabilities for its operating leases of properties, vehicles and tool
hire assets. The nature of the expenses recognised in respect of these leases will change because the Group
will recognise a depreciation charge for right-of-use assets and an interest expense on lease liabilities.
Previously the Group recognised operating lease expense on a straight-line basis over the term of the lease,
and recognised assets and liabilities only to the extent that there was a timing difference between actual
lease payments and the expense recognised. In addition, the Group will no longer recognise provisions for
operating leases that it assesses to be onerous as described in note 13 and will instead recognise an
impairment of the right-of-use asset.
No significant impact is expected for the Group's finance leases.
ii. Leases in which the Group is a lessor
No significant impact is expected for leases in which the Group is a lessor.
iii. Transition
The Group plans to apply IFRS 16 - Leases initially on 1 January 2019 using the "modified retrospective"
approach as described in paragraph C5(b) of the standard. Therefore the cumulative effect of adopting IFRS 16
will be recognised as an adjustment to the opening balance of retained earnings at 1 January 2019, with no
restatement of comparative information. On transition the Group's intention is to measure the right-of-use on
a retrospective basis for circa 300 of the Group's most material property leases and measure the right-of-use
of the remaining leases on a fully prospective basis.
The Group plans to apply the practical expedient to grandfather the definition of a lease on transition. This
means that it will apply IFRS 16 - Leases to all contracts entered into before 1 January 2019 and identified
as leases in accordance with IAS 17 - Leases. The Group will elect to apply the practical expedient available
for short-term leases and leases of low-value items and recognise the lease payments associated with these
leases as an expense on a straight-line basis without recognising a right-of-use asset or a lease liability.
21. Impact of IFRS 16 - Leases (continued)
iv. Impact of the new standard
Given the complexity of the Standard and the number of leases held by the Group, the implementation project
is not fully completed at the date of these financial statements. However, based on the information and
modelling currently available, the Group has estimated the potential impact that initial application of IFRS
16 - Leases will have on key financial metrics including its return on capital employed. This modelling has
assumed:
● IFRS 16 - Leases has been effective from 1 January 2018
● The transition options set out in this note
● Incremental borrowing rates calculated on the basis of market conditions on 1 January 2018
The modelling has not taken into account any interactions between IFRS 16 - Leases and the Group's existing
onerous lease provisions nor has it considered the impact of the new standard on rent reviews.
Using lease data from 01 January 2018 rolled forward to the year end, the expected impact on the balance
sheet position is the recognition of a right of use asset of c.£1.2bn and an additional lease liability of
c.£1.35bn, with an expected tolerance of plus or minus £50m on these amounts.
Profits on the disposal of properties recognised as a result of sale and leaseback transactions will be lower
under the new measurement rules of IFRS 16 - Leases.
This modelling indicates that the Group's return on capital employed would have been broadly in line with the
currently disclosed lease adjusted return on capital employed.
IFRS 16 impact on return on capital employed
£m Current basis Indicative IFRS 16 - Leases basis
Adjusted operating profit 375 430
50% of property operating lease rentals 92 -
Lease-adjusted operating profit 467 430
Average capital employed 2,989 4,189
Property operating lease rentals x8 1,479 -
Lease-adjusted capital employed 4,468 4,189
Lease-adjusted return on capital employed 10.5% 10.3%
21. Impact of IFRS 16 - Leases (continued)
IFRS 16 impact on income statement
£m Current basis Remove rent Add depreciation and Indicative IFRS 16 - Leases
interest basis
Revenue 6,741 - - 6,741
Gross profit 1,917 - - 1,917
Adjusted operating profit 375 210 (155) 430
Share of associates' (4) - - (4)
results
Interest (24) - (60) (84)
Adjusted profit before tax 347 210 (215) 342
═════════════════════════════════════════════════════════════════════════════════════════════════════════════
ISIN: GB0007739609
Category Code: FR
TIDM: TPK
LEI Code: 2138001I27OUBAF22K83
Sequence No.: 7615
EQS News ID: 780911
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
3 fncls.ssp?fn=show_t_gif&application_id=780911&application_name=news&site_id=reuters8
References
Visible links
1. https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=16a30605a419eb813a97b43b177ef772&application_id=780911&site_id=reuters8&application_name=news
2. https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=25c18c91a378bee31ce3e655d4fdd7cf&application_id=780911&site_id=reuters8&application_name=news
============Recent news on Travis Perkins
See all newsREG-Travis Perkins Travis Perkins plc - first quarter trading update for the three months to 31 March 2024
AnnouncementREG-Travis Perkins Travis Perkins: Results of AGM
AnnouncementREG-Travis Perkins Travis Perkins: Director/PDMR Shareholding
AnnouncementREG-Travis Perkins CORRECTION Travis Perkins: Director/PDMR Shareholding
AnnouncementREG-Travis Perkins Travis Perkins: Director/PDMR Shareholding
Announcement