LONDON (dpa-AFX) - Travis Perkins plc (TPK.L), a British distributor of building materials, Tuesday reported a loss in fiscal 2024, compared to prior year's profit, hit by charges and weak revenues.
Further, the Board is recommending a final dividend of 9.0 pence per share, higher than last year's 5.5 pence per share. The full-year dividend would be 14.5 pence per share, 19.4% lower than 18.0 pence per share last year.
The dividend will be paid on May 29 to shareholders on the register as at close of business on April 22.
Looking ahead, the company said it has experienced a mixed start to 2025. Trading conditions have continued to be challenging in Merchanting businesses with pricing now stabilised but volumes in modest decline. By contrast, Toolstation has started the year more positively and continues to deliver good growth.
The Board expects fiscal 2025 adjusted operating profit excluding property profits to be broadly in line with FY24, excluding property profits, of 141 million pounds.
In fiscal 2024, loss before tax was 38.4 million pounds, compared to prior year's profit of 121.4 million pounds. Loss after tax was 77 million pounds, compared to profit of 38 million pounds a year ago, Loss per share was 36.6 pence, compared to last year's profit of 17.8 pence.
The latest results reflected trading performance and adjusting items of 139 million pounds related to impairments in Staircraft and certain Merchanting branches and restructuring actions
On an adjusted basis, profit after tax was 77 million pounds or 36.6 pence per share, compared to profit of 115 million pounds or 54.4 pence per share in the previous year.
Operating profit was 2 million pounds in the year, compared to prior year's 161 million pounds. Adjusted operating profit fell to 152 million pounds from 198 million pounds last year due to lower trading volumes and price deflation, despite significantly improved cost discipline.
Group revenue declined 4.7 percent to 4.61 billion pounds from 4.84 billion pounds a year ago, driven by price deflation, continued decline in market volumes and underperformance in the Merchanting segment.
On March 10, Pete Redfern resigned as Chief Executive Officer as a result of ill health. The search to identify the right long term successor to Pete as CEO is ongoing, the company said.
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