Builders Merchants Journal – BMJ Publishing to Builders Merchants and the UK merchanting industry for more than 95 years
Builders merchant group Travis Perkins has announced its half year results for the 6 months to June 30 2025.
According to the report, group revenue declined by 2.1%, driven primarily by operational challenges in the early part of the year.
Trading conditions in the majority of the Merchanting segment’s end markets remained subdued, and took revenue down by (3.1)% in the first half. Management action to reverse the loss of market share improved the trading performance with Q2 like-for-like revenue down (1.0)% compared to a decline of (3.2)% in Q1.
Further progress was made in Toolstation UK, with operating profit increasing 50% to £21m, and overall, lower volumes in Merchanting resulted in adjusted operating profit of £63m, compared to £83m 2024, and a statutory operating profit of £59m, compared to a profit of £48m in 2024.
The Group expects to deliver a full year adjusted operating profit, including £8m of property profits, broadly in line with current market expectations, implementing a new leadership structure, including CEO, Gavin Slark, joining the Group in January 2026
Geoff Drabble, chair, said: “The first quarter was difficult with a continued trend of market share loss and revenue decline in Merchanting. However, I was encouraged by the response of the business to management actions to drive a more customer-focused approach. In the second quarter we delivered improved revenue performance and stabilised Merchanting market share and these trends have continued into July.
“We will build on this momentum in the second half as we deploy further system enhancements that put the difficult Oracle implementation behind us. The strong performance of Toolstation UK, which operates in similar markets to the Group’s other businesses, demonstrates our potential without internal distractions. Whilst the market outlook for the second half remains uncertain, the Board anticipates that the Group will deliver a full year result broadly in line with current market expectations.”
The Group has implemented a new operating structure for the Specialist Merchant businesses – BSS, CCF, Keyline and TF Solutions – which now all report into a Specialist Merchant Managing Director, Catherine Gibson, who also sits on the Group Leadership Team.
In Toolstation UK, Lakhvir Sanghera has been appointed as Managing Director, following the upcoming retirement of Angela Rushforth, while Richard Lavin has been appointed Managing Director of Travis Perkins General Merchant.
