Travis Perkins’ FY22 performance was below AV and market expectations. While lfl sales grew 6.6% yoy, volume declined by 6.0% during the year and the Group’s adjusted operating profit was 7.8% below consensus, largely due to losses in the Toolstation banner. While the management has said that it is comfortable with the 2023 consensus, we will trim our FY23 estimates to factor in continued weakness in the UK private section (new build and RMI) and in Toolstation Europe. Our positive recommendati ....
03 Mar 2023
Softer end to the year; 2023 unlikely to be any different!
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Softer end to the year; 2023 unlikely to be any different!
Travis Perkins plc (TPK:LON) | 728 -0.7 (0.0%) | Mkt Cap: 1,546m
- Published:
03 Mar 2023 -
Author:
Nishant Choudhary -
Pages:
4
Travis Perkins’ FY22 performance was below AV and market expectations. While lfl sales grew 6.6% yoy, volume declined by 6.0% during the year and the Group’s adjusted operating profit was 7.8% below consensus, largely due to losses in the Toolstation banner. While the management has said that it is comfortable with the 2023 consensus, we will trim our FY23 estimates to factor in continued weakness in the UK private section (new build and RMI) and in Toolstation Europe. Our positive recommendati ....