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Travis Perkins has reported a 80.9% decrease in adjusted operating profits to £42m for the half-year period ended 30 June 2020.
This reflected “shortfall” from lower sales volumes, and was partially offset by actions to reduce and control operating costs.
The retailer also reported a 20% fall in revenues to £2.7bn, and added it demonstrated “resilience” during the period despite the impact of the pandemic. It expects further recovery as lockdown measures are eased.
Travis Perkins said its restructuring programme is also underway to reduce overheads in line with the anticipated volume outlook, which aims to deliver cost savings of £120m on an annualised basis.
Nick Roberts, chief executive officer, said: “Throughout the pandemic, the health and safety of our colleagues and customers has been our primary concern.
“Customer interactions have changed significantly resulting in changes to the way we do business, from increased activity through digital channels through to alterations to our physical store formats in order to maintain safe working practices.”
He added: “Although our financial performance in the first half of 2020 was impacted by the Covid-19 pandemic, and we have had to undertake a restructuring programme in light of the challenging outlook for the Group’s end markets, we have made significant strategic and operational progress against the four strategic priorities we outlined at our full year results in March 2020.
“Although considerable uncertainty around the impact of the Covid-19 pandemic remains, the actions we have taken to adapt and innovate in our businesses mean that the group is well placed to continue to service our customers, support our colleagues, outperform our markets and generate value for our shareholders.”
