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Pre-tax profit at Travis Perkins was 71.4% lower in 2023 than in the year prior, owing to a downturn in the new build housing and private domestic repair and maintenance markets. 

According to the firm鈥檚 results for the year to 31 December 2023, pre-tax profit was 拢70m, a significant drop on the 拢245m recorded in 2022. 

The group said there had been lower sales volumes, overhead cost infaltion and rapid commodity price deflation in the second half, resulting in the weaker performance. 

Nick Roberts, chief executive officer, said: 鈥淥ngoing economic challenges have significantly impacted our trading performance, driven by weakness in the new build housing and domestic RMI sectors, and compounded by deflationary pressures on commodity products. 

鈥淔aced with these challenges, we have invested to protect and build our leading market positions.鈥� 

The decline in revenue was driven by the merchanting business, with rising interest rates driving a reduction in new build housing activity. 

Roberts said market conditions were 鈥渆xpected to remain a headwind鈥� through this year but said the business had successfully optimised its cost base and was 鈥渁ctively addressing鈥� its loss-making businesses.  

A step change reduction in non-branch cost base has delivered 拢35m in annualised savings, according to the business, however these savings were 鈥渕ore than offset by overhead increases鈥�, largely related to salary inflation and investment in new distribution centres.  

The firm is working on a potential exit plan for its Toolstation business in France.  

Travis Perkins said a recovery in the UK construction market was 鈥渦nlikely to gather any momentum鈥� before the UK general election.