StockMarketWire.com - Builders' merchant Travis Perkins swung to a full-year profit, buoyed by an improved performance from its soon-to-be-separated Wickes DIY business.

Pre-tax profit for the year through December amounted to £123m, compared to a loss of £84m on-year when the company wrote down the value of its assets.

Revenue rose 3.2% to £6.96bn, with like-for-like revenue up 4.9%, while adjusted operating profit rose 7.8% to £442m.

Travis Perkins declared a full-year dividend of 48.5p per share, up 3.2%.

The company said its merchant businesses outperformed in 'challenging end-markets', benefitting from business simplification.

Wickes had posted a strong recovery, it added, and was on track to be spun off in the second quarter of 2020.

'Against a challenging market backdrop we have delivered a strong operational and financial performance across the group,' chief executive Nick Roberts said.

'Whilst trading conditions in 2019 have been challenging we have seen some green shoots of recovery in our lead indicators, although it remains too early to point towards any tangible improvement in RMI (renovation maintenance improvement).'

'The group remains focused on delivering against our key priorities, and we are optimistic that we can build on the positive performance in 2019, continue to outperform our end-markets and deliver improved returns for our shareholders.'



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