Building materials supplier Travis Perkins Plc (TPK.L) Wednesday reported a higher profit for full-year 2013, as revenues grew about 6 percent, with growth in all of its divisions. The firm stated that although it is still early days for recovery, the outlook for building materials market continues to improve.
John Carter, chief executive of the company said, "2013 was another good year for Travis Perkins and the momentum in the second half of last year has continued into 2014. The Group is well placed to benefit from the upturn in UK building activity and in particular the strength of housing transactions."
Announcing its preliminary results, the company said its full-year profit before tax increased to 312.6 million pounds from 299.2 million pounds reported last year.
Excluding exceptional items, pre-tax profit was 303.2 million pounds, compared to 268.4 million pounds a year ago. On an adjusted basis, pre-tax profit amounted to 321.1 million pounds, while the firm posted 285.8 million pounds a year ago.
Earnings per share improved to 105.7 pence from 100.6 pence reported a year ago.
Adjusted earnings totaled 99.7 pence per share for 2013, while the firm posted 87.3 pence per share last year. The company has restated its prior-year results.
Annual revenues climbed 6.3 percent to 5.15 billion pounds from 4.84 billion pounds in the preceding year. Revenue growth was 5 percent on a like-for-like basis.
In General Merchanting, revenues were up 8.4 percent, Specialist Merchanting revenues climbed 9.4 percent, and Consumer division showed a revenue growth of 2.4 percent.
Plumbing and Heating division revenues increased 6 percent, as demand for domestic plumbing and heating products grew steadily during the year as house builder activity increased, the firm said.
Operating margin improved 0.1 percentage points to 6.8 percent.
The board has also recommended a final dividend of 21 pence per share for 2013, to shareholders on record May 2, 2014, payable May 30. This will give a total dividend for the year of 31 pence, an increase of 24 percent over 2012.
TPK.L is currently trading at 1,917 pence, down 46 pence or 2.34 percent on the LSE.
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by RTT Staff Writer
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