A plan by builders’ merchant Travis Perkins to slim down and concentrate on smaller shops for on-the-go builders paid off after it reported better than expected full year results on Tuesday.
The group decided last year to spin off Wickes, the chain for home DIY enthusiasts, and devote greater time and resources to brands like Travis Perkins and Toolstation, which cater for professional tradesman.
The launch of the smaller Toolstation store format, where builders can order on the phone and pick up the kit later, in High Street locations has helped underpin stronger sales across the FTSE 250 group.
Sales for the year ending December 31 rose 3.2% to £6.9 billion and profits 7.8% to £442 million above analyst forecasts.
“The group had become too complex and the addition of businesses had diverted our attention from our core trade customers,” said chief executive Nick Roberts.
The demerger of Wickes is expected to be completed by June.
