Travis Perkins (TP) released FY15 results slightly lower than our expectations, with revenue up 3.8% on a lfl basis and 6.5% on a reported basis (vs our estimate of +7.2%) to £5,942m and adjusted EBITA of £412.6m (7.6% growth yoy vs 8% guidance). The lfl growth rate moderated to 1.4% in Q4 after 2.6% in Q3 and 5.7% clocked in H1 due to the weakness in the RMI market in the second half. However, the market has seen an uptick in demand during January and February, which management s
19 Apr 2016
Weaker RMI and commodity deflation weigh on Q4; 2016 waiting for referendum
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Weaker RMI and commodity deflation weigh on Q4; 2016 waiting for referendum
Travis Perkins plc (TPK:LON) | 712 -14.3 (-0.3%) | Mkt Cap: 1,514m
- Published:
19 Apr 2016 -
Author:
Nishant Choudhary -
Pages:
3
Travis Perkins (TP) released FY15 results slightly lower than our expectations, with revenue up 3.8% on a lfl basis and 6.5% on a reported basis (vs our estimate of +7.2%) to £5,942m and adjusted EBITA of £412.6m (7.6% growth yoy vs 8% guidance). The lfl growth rate moderated to 1.4% in Q4 after 2.6% in Q3 and 5.7% clocked in H1 due to the weakness in the RMI market in the second half. However, the market has seen an uptick in demand during January and February, which management s