Travis Perkins reported a significant profit decline of nearly 25%, attributing this slump to weaker pricing and reduced demand in the construction industry. The company warned of ongoing uncertainty in the sector, suggesting that cuts in interest rates and increased consumer confidence are essential for demand recovery. Revenue fell by 4.7% to £4.61 billion, with the merchant arm suffering a 6.2% drop. Despite these challenges, the Toolstation segment showed modest growth, with plans for strategic capital allocation to better position the company for future recovery.
"Weaker pricing and falling demand has impacted the company and Travis Perkins is facing a 'challenging' year as there is less demand in the sector."
"The company reported revenues fell 4.7% to £4.61 billion last year due to price deflation and less trading volumes."
"I am confident that this approach will provide attractive returns for shareholders over the medium-term."
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