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    TPK   GB00BK9RKT01

TRAVIS PERKINS PLC

(TPK)
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/sites/travis perkins/files/2021 10/q3 fy21 trading update.pdf

10/28/2021 | 02:13am EST

"Dissemination of a Regulatory Announcement that contains inside information in

accordance with the Market Abuse Regulation (MAR)"

28 October 2021

Travis Perkins plc - Q3 2021 trading update

Continued positive trading momentum; increasing 2021 earnings guidance

Highlights

  • Positive trading momentum has continued with like-for-like sales growth of 13.1% (13.3% on a two year like-for-like basis)
  • The Merchanting business delivered like-for-like sales growth of 15.3% (11.8% on a two year like-for-like basis) with end market demand remaining robust, notably in RMI
  • Toolstation grew by 1.4% on a like-for-like sales basis (25.2% on a two-yearlike-for- like basis) in Q3 as customer mix normalised following exceptional demand from DIY customers during 2020
  • Given robust underlying performance, the Board now expects that adjusted operating profit for the full year 2021 will be ahead of current market expectations* and will be at least £340m (inclusive of around £40m of property profits)

Nick Roberts, Chief Executive, commented:

"The Group has delivered a strong performance in the third quarter and is navigating well- documented supply chain and cost inflation challenges very capably. End market demand remains robust and we are confident that we are in a strong position to deliver future growth.

As outlined at our Investor Update in September, the focus of the Group is to enhance our market leading propositions to win share and to provide new value added services to our customers as the construction process evolves to improve quality, drive efficiency and reduce carbon and waste."

*Market expectations defined as company compiled analyst consensus. This stood at £316m at time of publication and can be reviewed via: https://www.travisperkinsplc.co.uk/investors/analyst-consensus

Q3 2021 sales growth

Merchanting

Toolstation

Group

Like-for-like sales growth

15.3%

1.4%

13.1%

Net space change

(0.1)%

7.7%

1.1%

Business disposals

-

-

-

Trading days

-

-

-

Total sales growth

15.2%

9.1%

14.2%

Two-yearlike-for-like

11.8%

25.2%**

13.3%

2021 YTD sales growth

Merchanting

Toolstation

Group

Like-for-like sales growth

34.3%

19.3%

31.7%

Net space change

(4.8)%

8.6%

(2.5)%

Business disposals

-

-

-

Trading days

(0.6)%

(0.3)%

(0.5)%

Total sales growth

28.9%

27.6%

28.7%

Two-yearlike-for-like

11.3%

36.7%**

14.1%

**Excludes Toolstation Europe

Business performance

  • Overall Group positive trading momentum has continued with two year like-for-like sales growth of 13.3% in Q3, broadly in line with H1.
  • The Merchanting business delivered two-yearlike-for-like sales growth of 11.8% in Q3, slightly ahead of H1. Total sales growth versus 2020 was in line with like-for-like sales at 15.2% as the business has now fully cycled the June 2020 branch closure programme. At a business unit level, the Travis Perkins General Merchant delivered another excellent performance whilst the specialist businesses continue to see strengthening end market demand.
  • In Toolstation, demand from the core trade customer base remains very robust. The business is in excellent shape with total UK sales some 45% ahead of 2019 during the third quarter. In Europe, the rollout of new branches is on track and the business continues to attract new trade customers.
  • Industry wide inflationary pressure, driven by heavyside manufacturer and core commodity price increases, has accelerated in the period with price inflation of around 11% in Q3 (compared to around 7% in Q2).
  • The Group continues to benefit from its extensive supply chain and strong supplier relationships in order to maximise product availability to customers. Despite the challenges presented, colleagues across all businesses have worked incredibly hard to ensure that disruption to customer service has been minimal.

Group Chief Financial Officer Alan Williams will be hosting a call for analysts and investors at 8.30am BST. Dial in details are available via the following link: https://www.travisperkinsplc.co.uk/sites/travis-perkins/files/investors/TPK-2021-Q3-Invite.pdf

Enquiries:

Travis Perkins

Powerscourt

Matt Worster

James White / Ngozi Emeagi

+44 (0) 7990 088548

+44 (0) 207 2501446

matt.worster@travisperkins.co.uk

travisperkins@powerscourt-group.com

Heinrich Richter

+44 (0) 7392 125417

heinrich.richter2@travisperkins.co.uk

Disclaimer

Travis Perkins plc published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 06:10:09 UTC.


© Publicnow 2021
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Sales 2021 4 622 M 6 152 M 6 152 M
Net income 2021 227 M 302 M 302 M
Net Debt 2021 473 M 630 M 630 M
P/E ratio 2021 14,4x
Yield 2021 5,17%
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EV / Sales 2021 0,79x
EV / Sales 2022 0,74x
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Technical analysis trends TRAVIS PERKINS PLC
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Last Close Price 1 450,00 GBX
Average target price 1 844,19 GBX
Spread / Average Target 27,2%
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Alan Richard Williams Chief Financial Officer & Director
Jasmine Mary Whitbread Non-Executive Chairman
Phil Tenney Chief Information & Technology Officer
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