2nd Mar 2021 14:10
Travis Perkins PLC - builders' merchant headquartered in Northampton - Swings to a GBP7.7 million pretax loss in 2020 from a GBP180.8 million profit the year before as revenue drops 11% to GBP6.16 billion from GBP6.96 billion the prior year. Pays no dividend in 2020, after a 15.5 pence per share payout in 2019.
Recommences demerger process for its Wickes DIY and home improvement products business, which it put on hold in March 2020 to focus on navigating the Covid-19 pandemic.
Chief Executive Nick Roberts: "I am pleased today to be able to confirm that the process to demerge Wickes has recommenced. The Wickes digitally-led model has proved highly effective during the pandemic and the business is in great shape to embark on its journey as a standalone entity."
Guides for base capital expenditure of around GBP90 million to GBP100 million in 2021, excluding Wickes. Expects property profit around GBP20 million, up from GBP11 million in 2020 and just below 2019's GP21 million.
Roberts says: "Whilst uncertainty remains, we have seen a good recovery through the second half which gives us confidence that the fundamental drivers in our markets are robust. The continuing progress against our strategic plans leaves the group well placed to outperform in those markets."
Current stock price: 1,433.50p; down 3.0% on Tuesday
Year-to-date change: up 6.4%
By Anna Farley; [email protected]
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