Travis Perkins has reported poor H1 FY18 results. Although the top-line grew strongly (+4.2% lfl growth; 5.9% in Q2 FY18), the group’s profitability came in below our as well as the street’s estimates. Group adjusted operating profit excluding property profits slumped c.12% in the period. The downfall was largely attributable to the sales mix, weaker K&B showroom sales in Wickes and higher operating costs in the General Merchanting business. The company has charged £246m
31 Jul 2018
Profitability slump is unpleasant surprise
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Profitability slump is unpleasant surprise
Travis Perkins plc (TPK:LON) | 717 -121.9 (-2.3%) | Mkt Cap: 1,524m
- Published:
31 Jul 2018 -
Author:
Nishant Choudhary -
Pages:
3
Travis Perkins has reported poor H1 FY18 results. Although the top-line grew strongly (+4.2% lfl growth; 5.9% in Q2 FY18), the group’s profitability came in below our as well as the street’s estimates. Group adjusted operating profit excluding property profits slumped c.12% in the period. The downfall was largely attributable to the sales mix, weaker K&B showroom sales in Wickes and higher operating costs in the General Merchanting business. The company has charged £246m