Travis Perkins’ Q2 and H1 FY23 performance was broadly in line with our expectations. In Q2, lfl sales declined 3.3% yoy, as the robust momentum at Toolstation was more than offset by the continued weakness in the merchanting business. Although the adjusted operating profit declined 31% to £112m, EPS was slightly below our expectations. The interim dividend of 12.5p is 12% ahead of our expectations. We maintain our positive stock recommendation.