LONDON (dpa-AFX) - Travis Perkins plc (TPK.L), on Thursday, issued a post-close trading update for the year to 31 December 2023 and reported Q4 trading in line with management expectations.
The company reported fourth-quarter trading in line with management expectations with pricing stabilised compared to the third quarter but volume performance remaining challenging.
Hence, Travis expects an FY23 adjusted operating profit of around £180 million, in line with its previous guidance.
In recent years, the company has been focusing on streamlining operations, modernizing technology and infrastructure, and establishing drivers for future growth. As market conditions are expected to remain subdued into FY24, the management has accelerated plans to continue the transformation of the business. This work began in Q4 with a reduction in central and regional headcount, as well as efficiencies realized within the Group's supply chain. These actions will result in annual savings of about £35 million and a one-off restructuring charge of about £15 million in FY23.
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