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    TPK   GB00BK9RKT01

TRAVIS PERKINS PLC

(TPK)
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Real-time Estimate Quote. Real-time Estimate Cboe Europe - 10/19 05:22:20 am
1543.5 GBX   +0.42%
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Travis Perkins : UK's Travis Perkins lifts outlook on strong rebound in construction market

08/03/2021 | 05:19am EDT
Signage is pictured at Travis Perkins, a timber and building merchants yard in St Albans

(Reuters) - British building materials supplier Travis Perkins raised its profit expectations, as pent-up demand after pandemic disruptions last year leads a strong rebound in the market, but it still took a cautious stance due to virus uncertainties.

Its finance chief Alan Williams told Reuters that the company, the country's largest seller of building materials, will sharpen its focus on its division which sells materials such wood and sand to builders' merchants.

"I'm expecting the revenue growth to continue and what has been driving it is repair and maintenance improvements part of the market," Williams told Reuters.

The comments come after the mid-cap company, which currently has three other specialist divisions, spun off of its home improvement business Wickes and sold its plumbing and heating division earlier this year.

Britain's construction industry recorded its fastest growth in 24 years in June, bolstered by a jump in demand for new homes and commercial property.

The group now expects at least 310 million pounds ($430.87 million) in annual adjusted operating profit from continuing operations, up from at least 300 million pounds forecast in June.

'CAUTIOUSLY OPTIMISTIC'

Jefferies analysts, however, said the outlook lift leaves a conservative second-half. Shares were trading about 2.6% lower.

"I am cautiously optimistic around the outlook for the business," Chief Executive Nick Roberts said in a statement.

Travis announced a 35 pence per share special dividend, which is part of the 325 million pounds proceeds from the sale of its plumbing and heating business, while rest of the consideration will be returned to shareholders through a share buyback plan later.

It reported revenue of 2.30 billion pounds and adjusted operating profit of 164 million pounds for the six months ended June 30, compared with the pandemic-hit low base in 2020 of 1.67 billion pounds and 17 million pounds, respectively.

Williams said the company has "largely managed" supply chain disruptions arising from the pandemic and it has been able to offset the impacts of inflation.

($1 = 0.7195 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Subhranshu Sahu and Peter Graff)

By Aby Jose Koilparambil


© Reuters 2021
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Analyst Recommendations on TRAVIS PERKINS PLC
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Financials
Sales 2021 4 632 M 6 380 M 6 380 M
Net income 2021 209 M 288 M 288 M
Net Debt 2021 465 M 640 M 640 M
P/E ratio 2021 16,6x
Yield 2021 4,72%
Capitalization 3 406 M 4 672 M 4 692 M
EV / Sales 2021 0,84x
EV / Sales 2022 0,78x
Nbr of Employees 28 710
Free-Float 97,9%
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Technical analysis trends TRAVIS PERKINS PLC
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TrendsBearishBearishNeutral
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 1 537,00 GBX
Average target price 1 836,20 GBX
Spread / Average Target 19,5%
EPS Revisions
Managers and Directors
Nicholas John Roberts Chief Executive Officer & Director
Alan Richard Williams Chief Financial Officer & Director
Jasmine Mary Whitbread Non-Executive Chairman
Phil Tenney Chief Information & Technology Officer
Frank Mark Elkins Chief Operating Officer
Sector and Competitors