Firm to slow investment in non-priority areas
Builders鈥� merchant Travis Perkins will slow investment in non-priority areas as the firm said it expected the market to be 鈥渕ixed鈥� throughout 2018.
Chief executive John Carter (pictured) said business in 2017 at the firm, whose brands include Wickes, BSS and Toolstation, had been marked by 鈥渃ontinuing uncertainty in our end-markets and declining consumer confidence throughout the year鈥�.
He added: 鈥淚n 2018, we anticipate that the mixed market backdrop will continue. As a result, we will be focusing capital investment behind our key priorities and slowing investments elsewhere.鈥�
The firm鈥檚 clients range from big builders to one-man bands.
Revenue in 2017 was up 3.5% to 拢6.4bn while pre-tax profit recovered from 拢73m in 2016 to 拢290m last year. But adjusted pre-tax profit was down 10% to 拢343m.
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