Travis Perkins has revealed an adjusted operating profit of £163m for the six month ended 30 June, down just 0.6% from the same period last year (£164m).
It comes as the group posted strong revenue growth of 10.3% up to £2.5bn. It also reported strong market outperformance in merchanting with revenue growth of 13.3% and adjusted operating profit growth of 9.0% against a strong comparative period.
Toolstation revenue was 4.6% lower due to reduced DIY sales post-pandemic.
Nick Roberts, chief executive officer, said: “The group has delivered a good performance during the first half of the year, once again demonstrating the capability to navigate challenging market conditions.
“Our Merchant businesses continue to perform well, taking market share and extending their market leading positions by developing the customer proposition to meet changing requirements within their respective markets.
He added: “Whilst we are cognisant of the current macroeconomic uncertainty, our diverse end market exposure, broad trade customer base and strong balance sheet provide resilience against changes in market conditions. The strong performance of our Merchant businesses is set to continue into the second half, driven by our agility in managing inflation and by our leading service propositions.
“This will be offset by a combination of the normalisation of Toolstation’s customer base and the increased investment in the Toolstation growth opportunity in the UK and Europe. As a result, we expect the Group overall to deliver a full year performance broadly in line with market expectations.”