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Travis Perkins has reported a 6% drop in pre-tax profit as the domestic home improvement and DIY markets 鈥渘ormalised鈥� following a pandemic boom.

The builders merchant, in its results for the six months to 30 June today, reported pre-tax profit of 拢136.6m, down from 拢145.7m in the same period last year.

Its operating profit fell 5.9% to 拢157.4m and 0.6% once adjusted for exceptional items.

Travis Perkins said it considered its performance to be 鈥済ood鈥� against the strong comparative period last year which 鈥漣ncluded the impact of both the rapid recovery of the domestic repairs, maintenance and improvement market, from March 2021 onward, and high levels of DIY activity through the first half of 2021鈥�

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Sales in Travis Perkins鈥� Toolstation UK business fell 6% in the half year, which it said was due to the customer base 鈥渘ormalising鈥� back to its core trade.

Overall the firm increased its overall turnover by 10.3% to 拢2.54bn.

It said price inflation has remained consistently high throughout the first half at 15.3%.

It said: 鈥淲hile in the first half of 2021 inflation was driven by product shortages, supply chains and stock levels have largely normalised and the current wave of inflation is predominantly driven by rising energy costs being passed through from manufacturers.鈥�