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Travis Perkins annual profit jumps 37%

Builders' merchant and home improvement retailer Travis Perkins posted a better than expected 37% rise in year profit as it won share from rivals and forecast more growth in 2012 even though it expects its markets to remain subdued.

The firm, which trades as Travis Perkins, Keyline, CCF, City Plumbing, Benchmarx, Tile Giant, Wickes and BSS, said on Wednesday it made an underlying pretax profit of £297 million in 2011.

That compares with analysts' consensus forecast of £287 million and £217 million made in 2010.

Turnover rose 52% to £4.78 billion and was up 6% on a like-for-like basis as the firm gained market share.

Like-for-like sales were up 1.8% in the first seven weeks of its new financial year.

Travis Perkins said it expected another year of solid progress in 2012 even though it expects its markets to remain subdued.

The firm, which ended 2011 with net debt of £583 million, raised its total dividend 33% to 20p.

Shares in Travis Perkins, which have increased by nearly a quarter over the last three months, closed last night at 1,008 pence, valuing the business at £2.46 billion.

Source : London Evening Standard

22 February 2012
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