Northampton building supplies firm back in the black as renovations boom during pandemic

Northampton-based building supplies business Travis Perkins bounced back into profit, benefiting from a boom in housebuilding and renovations during the Covid-19 pandemic.

The company, whose head office is in Lodge Way, said sales hit £4.6 billion in the 12 months to the end of 2021, up from £3.7 billion a year earlier.

Pre-tax profits reached £305.6 million compared with a £20.3 million pre-tax loss in 2020.

Nick Roberts, the company's chief executive, said: “2021 has been a year of significant operational and strategic progress for the group, completing our portfolio actions and subsequently setting out our ambition to be the leading partner to the construction industry.

"Whilst the rapidly recovering market created challenges around inflation and product availability, we have navigated them well to deliver an outstanding financial performance, enabled once again by the hard work of our fantastic colleagues.

"The group has built a strong platform for growth and, given robust end market demand and a positive start to the new year, we remain confident of making further progress in 2022.

"We continue to develop new capabilities to complement our market leading positions and we see exciting opportunities in both new and adjacent markets, driven by our desire to be at the forefront of delivering change and decarbonisation within our industry.

"The long-term fundamentals of our end markets continue to be robust and the group is well placed to invest in growth opportunities to create value for all of our stakeholders.”

During the year the company sold off its Wickes business, and later its plumbing and heating division for £325 million, as it slims down its portfolio.

It still owns catalogue business Toolstation — which saw a 20 percent jump in sales to £761 million from its 530 stores in the UK and 123 in Europe — and is in it's 21st year as shirt sponsors of Northampton Saints rugby club.

Despite the pandemic causing disruption to retailers and the high street, Travis Perkins opened 70 new Toolstations in the UK and 40 on the continent.