Travis Perkins

TPK · Main Market · Industrial Goods and Services · mcap £1,164m · 571.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 04 Aug 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,210m
Owner’s net cash: £55.3m
Net cash / market cap: 5%
EV ex leases: £1,154m
Revenue: £4,523m
Operating profit: −£90.8m
Free cash flow after leases: £167.5m
FCF yield: 13.8%
Price / tangible book: 1.19×
ROCE: -3%
Net income (owners): −£172.4m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 04 Aug 26 · read the results ↗

Source ↗

	Six months ended 30 June 2026 (unaudited) £m	Six months ended 30 June 2025 (unaudited) £m	Year ended 31 December 2025 (audited) £m
Revenue	2,257.7	2,299.5	4,564.6
Cost of sales	(1,639.7)	(1,692.8)	(3,372.0)
Gross profit	618.0	606.7	1,192.6
Charge for impairment losses for trade receivables	(6.1)	(9.1)	(16.4)
Selling and distribution	(428.0)	(400.6)	(797.1)
Administrative expenses - other	(123.7)	(135.8)	(259.1)
Profit on disposal of properties	5.8	1.0	9.9
Other operating income	1.3	1.2	3.5
Adjusted operating profit	67.3	63.4	133.4
Administrative expenses - adjusting items	(1.6)	1.0	(222.2)
Administrative expenses - amortisation of acquisition-related intangible assets	(0.7)	(5.2)	(7.8)
Operating profit / (loss)	65.0	59.2	(96.6)
Finance income	12.1	7.5	20.1
Finance costs	(30.1)	(29.6)	(58.2)
Profit / (loss) before tax	47.0	37.1	(134.7)
Adjusting items - deferred tax	-	-	(27.2)
Tax on adjusting items	0.5	1.2	13.8
Other tax	(17.2)	(11.9)	(28.2)
Total tax	(16.7)	(10.7)	(41.6)
Profit / (loss) for the period	30.3	26.4	(176.3)
Earnings per share
Basic earnings per share 10(a)	14.3p	12.5p	(83.3)p
Diluted earnings per share 10(a)	14.1p	12.4p	(83.3)p
Adjusted basic earnings per share 10(b)	15.1p	13.3p	30.8p
Total dividend declared per share	4.0p	4.5p	12.0p

Source ↗

	30 June 2026 (unaudited) £m	30 June 2025 (unaudited) £m	31 December 2025 (audited) £m
ASSETS
Non-current assets
Goodwill	720.8	823.5	720.8
Other intangible assets	64.9	79.2	65.9
Property, plant and equipment	648.1	744.0	655.0
Right-of-use assets	494.0	520.9	512.8
Non-current prepayments	8.9	13.8	12.0
Deferred tax asset	-	18.5	-
Derivative financial instruments	1.3	4.5	1.3
Retirement benefit asset	134.0	127.3	118.1
Total non-current assets	2,072.0	2,331.7	2,085.9
Current assets
Inventories	670.3	646.4	666.9
Trade and other receivables	738.8	767.4	630.7
Tax debtor	-	5.3	0.4
Derivative financial instruments	0.5	-	-
Cash and cash equivalents	482.4	319.3	426.9
Total current assets	1,892.0	1,738.4	1,724.9
Total assets	3,964.0	4,070.1	3,810.8
EQUITY AND LIABILITIES
Capital and reserves
Issued share capital	23.8	23.8	23.8
Share premium account	545.6	545.6	545.6
Cash flow hedge reserve	(0.2)	4.2	0.5
Merger reserve	326.5	326.5	326.5
Revaluation reserve	8.2	9.1	8.2
Own shares	(6.1)	(2.8)	(3.9)
Foreign exchange reserve	10.4	8.5	10.2
Capital redemption reserve	1.4	1.4	1.4
Retained earnings	893.0	1,078.3	864.0
Total equity	1,802.6	1,994.6	1,776.3
Non-current liabilities
Interest-bearing loans and borrowings	420.0	296.7	419.4
Lease liabilities	510.9	525.4	532.7
Derivative financial instruments	2.7	-	3.1
Deferred tax liabilities	70.8	67.0	63.7
Long-term provisions	18.2	20.8	14.0
Total non-current liabilities	1,022.6	909.9	1,032.9
Current liabilities
Interest-bearing loans and borrowings	7.1	125.0	7.2
Lease liabilities	88.1	81.8	88.7
Derivative financial instruments	-	-	0.1
Trade and other payables	1,011.7	924.0	864.2
Tax liabilities	2.5	-	-
Short-term provisions	29.4	34.8	41.4
Total current liabilities	1,138.8	1,165.6	1,001.6
Total liabilities	2,161.4	2,075.5	2,034.5
Total equity and liabilities	3,964.0	4,070.1	3,810.8

Source ↗

	Six months ended 30 June 2026 (unaudited) £m	Six months ended 30 June 2025 (unaudited) £m	Year ended 31 December 2025 (audited) £m
Cash flows from operating activities
Profit / (loss) before tax	47.0	37.1	(134.7)
Adjustments for
Adjusting operating items	1.6	(1.0)	222.2
Depreciation of property, plant and equipment	23.7	34.2	66.0
Depreciation of right-of-use assets	48.5	44.7	87.4
Amortisation of other intangibles	1.1	2.0	3.7
Amortisation of acquisition-related intangibles	0.7	5.2	7.8
Share-based payments	2.1	2.9	7.7
Gains on disposal of property, plant and equipment	(5.8)	(1.0)	(9.9)
Purchase of tool hire assets	(3.7)	(5.9)	(9.8)
Finance income	(12.1)	(7.5)	(20.1)
Finance costs	30.1	29.6	58.2
Increase in inventories	(3.4)	(3.9)	(24.5)
(Increase) / decrease in receivables	(97.7)	(8.8)	125.7
Increase in payables	148.1	83.6	33.9
Adjusting item payments	(7.7)	(1.0)	(7.5)
Cash generated from operations	172.5	210.2	406.1
Income taxes paid	(10.1)	(16.7)	(21.7)
Net cash inflow from continuing operating activities	162.4	193.5	384.4
Net cash outflow from discontinued operating activities	-	(5.8)	(9.1)
Net cash inflow from operating activities	162.4	187.7	375.3
Cash flows from investing activities
Interest received	6.6	3.1	11.7
Proceeds on disposal of property, plant and equipment	19.3	9.9	52.0
Purchase of land and buildings	(2.1)	(13.2)	(27.0)
Purchase of other property, plant and equipment	(27.5)	(25.2)	(46.8)
Purchase / development of computer software	(0.9)	-	(3.5)
Proceeds on sale of subsidiary	-	23.7	20.8
Net cash (outflow) / inflow from investing activities	(4.6)	(1.7)	7.2
Cash flows from financing activities
Repayment of lease liabilities	(50.4)	(45.9)	(95.9)
Dividends paid	(15.9)	(19.1)	(28.6)
Drawdown of borrowings	-	125.1	250.5
Repayment of bonds	-	(123.7)	(248.7)
Interest paid and debt arrangement fees	(13.1)	(16.5)	(31.9)
Interest on lease liabilities	(14.7)	(14.9)	(29.7)
Net cash outflow from continuing financing activities	(94.1)	(95.0)	(184.3)
Net cash outflow from discontinued financing activities	-	(2.9)	(2.5)
Net cash outflow from financing activities	(94.1)	(97.9)	(186.8)
Net increase in cash and cash equivalents	63.7	88.1	195.7
Cash and cash equivalents at the beginning of the period before amendment	426.9	231.2	231.2
Adjustment for initial applications of amendments to IFRS 9	(8.2)	-	-
Cash and cash equivalents at the beginning of the period	418.7	231.2	231.2
Cash and cash equivalents at the end of the period	482.4	319.3	426.9

Source ↗

	2025 £m	2024 £m
Revenue	4,564.6	4,607.4
Cost of sales	(3,372.0)	(3,403.7)
Gross profit	1,192.6	1,203.7
Charge for impairment losses for trade receivables	(16.4)	(16.7)
Selling and distribution	(797.1)	(779.2)
Administrative expenses - other	(259.1)	(271.3)
Profit on disposal of properties	9.9	11.3
Other operating income	3.5	4.0
Adjusted operating profit	133.4	151.8
Administrative expenses - adjusting items	(222.2)	(139.1)
Administrative expenses - amortisation of acquisition-related intangible assets	(7.8)	(10.4)
Operating (loss) / profit	(96.6)	2.3
Finance income	20.1	11.1
Finance costs	(58.2)	(51.8)
Loss before tax	(134.7)	(38.4)
Adjusting items - deferred tax	(27.2)	-
Tax on adjusting items	13.8	29.0
Other tax	(28.2)	(31.2)
Total tax	(41.6)	(2.2)
Loss from continuing operations	(176.3)	(40.6)
Loss from discontinuing operations	-	(36.8)
Loss for the year	(176.3)	(77.4)
All loss for the year is attributable to the owners of the Company.
Earnings per share
Total earnings per share	2025	2024
Basic earnings per share
- from continuing operations	(83.3)p	(19.2)p
- total	(83.3)p	(36.6)p
Diluted earnings per share
- from continuing operations	(83.3)p	(19.2)p
- total	(83.3)p	(36.6)p
Adjusted basic earnings per share	30.8p	36.6p
Total dividend declared per share	12.0p	14.5p

Source ↗

	2025 £m	2024 £m
Assets
Non-current assets
Goodwill	720.8	821.3
Other intangible assets	65.9	86.9
Property, plant and equipment	655.0	771.1
Right-of-use assets	512.8	545.4
Non-current prepayments	12.0	15.3
Deferred tax asset	-	17.5
Derivative financial instruments	1.3	3.3
Retirement benefit asset	118.1	116.9
Total non-current assets	2,085.9	2,377.7
Current assets
Inventories	666.9	648.6
Trade and other receivables	630.7	760.5
Tax debtor	0.4	-
Cash and cash equivalents, excluding bank overdrafts	426.9	244.4
Total current assets	1,724.9	1,653.5
Total assets	3,810.8	4,031.2
Equity and liabilities
Capital and reserves
Issued share capital	23.8	23.8
Share premium account	545.6	545.6
Cash flow hedge reserve	0.5	2.5
Merger reserve	326.5	326.5
Revaluation reserve	8.2	9.5
Own shares	(3.9)	(7.2)
Foreign exchange reserve	10.2	6.1
Capital redemption reserve	1.4	1.4
Retained earnings	864.0	1,065.9
Total equity	1,776.3	1,974.1
Non-current liabilities
Interest-bearing loans and borrowings	419.4	421.8
Lease liabilities	532.7	560.1
Derivative financial instruments	3.1	-
Deferred tax liabilities	63.7	68.3
Long-term provisions	14.0	21.6
Total non-current liabilities	1,032.9	1,071.8
Current liabilities
Interest-bearing loans and borrowings	7.2	-
Lease liabilities	88.7	94.5
Overdraft	-	13.2
Derivative financial instruments	0.1	-
Trade and other payables	864.2	838.2
Short-term provisions	41.4	39.4
Total current liabilities	1,001.6	985.3
Total liabilities	2,034.5	2,057.1
Total equity and liabilities	3,810.8	4,031.2

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Loss before tax	(134.7)	(38.4)
Adjustments for
Depreciation of property, plant and equipment	66.0	79.8
Depreciation of right-of-use assets	87.4	96.8
Amortisation of other intangibles	3.7	3.6
Amortisation of acquisition-related intangibles	7.8	10.4
Share-based payments	7.7	11.7
Gain on disposal of property, plant and equipment	(9.9)	(11.3)
Purchase of tool hire assets	(9.8)	(3.8)
Finance income	(20.1)	(11.1)
Finance costs	58.2	51.8
(Increase) / decrease in inventories	(24.5)	63.6
Decrease / (increase) in receivables	125.7	(76.1)
Increase in payables	33.9	18.0
Adjusting items payments less than the charge	214.7	119.2
Cash generated from operations	406.1	314.2
Income taxes paid	(21.7)	(20.9)
Net cash inflow from continuing operating activities	384.4	293.3
Net cash outflow from discontinued operating activities	(9.1)	(15.9)
Net cash from operating activities	375.3	277.4
Cash flows from investing activities
Interest received	11.7	5.8
Proceeds on disposal of property, plant and equipment	52.0	63.0
Purchases of land and buildings	(27.0)	(12.3)
Purchases of other property, plant and equipment	(46.8)	(55.8)
Purchase/development of computer software	(3.5)	(4.1)
Proceeds on sale of subsidiary	20.8	-
Net cash inflow / (outflow) from continuing investing activities	7.2	(3.4)
Net cash inflow / (outflow) from investing activities	7.2	(3.4)
Cash flows from financing activities
Sale of own shares	-	0.1
Repayment of lease liabilities	(95.9)	(93.8)
Dividends paid	(28.6)	(23.2)
Drawdown of borrowings	250.5	-
Repayment of bonds	(248.7)	-
Interest paid and debt arrangement fees	(31.9)	(25.3)
Interest on lease liabilities	(29.7)	(29.6)
Net cash outflow used in continuing financing activities	(184.3)	(171.8)
Net cash outflow used in discontinued financing activities	(2.5)	(2.5)
Net cash used in financing activities	(186.8)	(174.3)
Net increase in cash and cash equivalents	195.7	99.7
Cash and cash equivalents at 1 January	231.2	131.5
Cash and cash equivalents at 31 December	426.9	231.2

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	4,522.8	4,564.6	4,607.4
Gross profit	1,203.9	1,192.6	1,203.7
Adjusted EBITDA	–	290.5	331.9
Adjusted operating profit	137.3	133.4	151.8
Exceptional / adjusting items	(224.8)	(222.2)	(139.1)
Operating profit	(90.8)	(96.6)	2.3
Depreciation (owned assets)	55.5	66.0	79.8
Depreciation (right-of-use)	91.2	87.4	96.8
Share-based payments	6.9	7.7	11.7
Operating profit to net income
Finance costs	(58.7)	(58.2)	(51.8)
Profit before tax	(124.8)	(134.7)	(38.4)
Tax	(47.6)	(41.6)	(2.2)
Net income (owners)	(172.4)	(176.3)	(77.4)
Discontinued operations	–	–	(36.8)
Per share
EPS basic	(81.5p)	(83.3p)	(36.6p)
EPS diluted	(81.6p)	(83.3p)	(36.6p)
Dividend per share	11.5p	12.0p	14.5p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	2,257.7	−2%	2,265.1	2,299.5
Gross profit	618.0	+2%	585.9	606.7
Adjusted operating profit	67.3	+6%	70.0	63.4
Exceptional / adjusting items	(1.6)	n/m	(223.2)	1.0
Operating profit	65.0	+10%	(155.8)	59.2
Depreciation (owned assets)	23.7	−31%	31.8	34.2
Depreciation (right-of-use)	48.5	+9%	42.7	44.7
Share-based payments	2.1	−28%	4.8	2.9
Operating profit to net income
Finance costs	(30.1)	+2%	(28.6)	(29.6)
Profit before tax	47.0	+27%	(171.8)	37.1
Tax	(16.7)	+56%	(30.9)	(10.7)
Net income (owners)	30.3	+15%	(202.7)	26.4
Per share
EPS basic	14.3p	–	(95.8p)	12.5p
EPS diluted	14.1p	–	(95.7p)	12.4p
Dividend per share	4.0p	–	7.5p	4.5p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	350.0	375.3	277.4
Interest paid	(28.5)	(31.9)	(25.3)
Tax paid	(15.1)	(21.7)	(20.9)
Investing activities
Capex (PP&E)	(49.1)	(46.8)	(55.8)
Capex (intangibles)	–	(3.5)	(4.1)
Financing activities
Lease principal paid	(100.4)	(95.9)	(93.8)
Lease interest paid	(29.5)	(29.7)	(29.6)
Dividends paid	(25.4)	(28.6)	(23.2)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	162.4	−13%	187.6	187.7
Interest paid	(13.1)	−21%	(15.4)	(16.5)
Tax paid	(10.1)	−40%	(5.0)	(16.7)
Investing activities
Capex (PP&E)	(27.5)	+9%	(21.6)	(25.2)
Capex (intangibles)	(0.9)	–	–	–
Financing activities
Lease principal paid	(50.4)	+10%	(50.0)	(45.9)
Lease interest paid	(14.7)	−1%	(14.8)	(14.9)
Dividends paid	(15.9)	−17%	(9.5)	(19.1)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	720.8	720.8	821.3
Other intangibles	64.9	65.9	86.9
Property, plant & equipment	648.1	655.0	771.1
Non-current assets	2,072.0	2,085.9	2,377.7
Current assets
Inventories	670.3	666.9	648.6
Trade receivables	738.8	630.7	760.5
Cash	482.4	426.9	244.4
Current assets	1,892.0	1,724.9	1,653.5
Total assets	3,964.0	3,810.8	4,031.2
Current liabilities
Trade payables	1,011.7	864.2	838.2
Borrowings, current	7.1	7.2	–
Lease liabilities, current	88.1	88.7	94.5
Current liabilities	1,138.8	1,001.6	985.3
Non-current liabilities
Borrowings, non-current	420.0	419.4	421.8
Lease liabilities, non-current	510.9	532.7	560.1
Pension surplus / (deficit)	134.0	118.1	116.9
Non-current liabilities	1,022.6	1,032.9	1,071.8
Total liabilities	2,161.4	2,034.5	2,057.1
Equity
Total equity	1,802.6	1,776.3	1,974.1
Net cash and other figures
Net cash / (debt) ex leases	55.3	0.3^r	(191.0)
Undrawn facilities	390.0	390.0	390.0

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	720.8	720.8	823.5	821.3
Other intangibles	64.9	65.9	79.2	86.9
Property, plant & equipment	648.1	655.0	744.0	771.1
Non-current assets	2,072.0	2,085.9	2,331.7	2,377.7
Current assets
Inventories	670.3	666.9	646.4	648.6
Trade receivables	738.8	630.7	767.4	760.5
Cash	482.4	426.9	319.3	244.4
Current assets	1,892.0	1,724.9	1,738.4	1,653.5
Total assets	3,964.0	3,810.8	4,070.1	4,031.2
Current liabilities
Trade payables	1,011.7	864.2	924.0	838.2
Borrowings, current	7.1	7.2	125.0	–
Lease liabilities, current	88.1	88.7	81.8	94.5
Current liabilities	1,138.8	1,001.6	1,165.6	985.3
Non-current liabilities
Borrowings, non-current	420.0	419.4	296.7	421.8
Lease liabilities, non-current	510.9	532.7	525.4	560.1
Pension surplus / (deficit)	134.0	118.1	127.3	116.9
Non-current liabilities	1,022.6	1,032.9	909.9	1,071.8
Total liabilities	2,161.4	2,034.5	2,075.5	2,057.1
Equity
Total equity	1,802.6	1,776.3	1,994.6	1,974.1
Net cash and other figures
Net cash / (debt) ex leases	55.3	0.3^r	(102.3)	(191.0)
Undrawn facilities	390.0	390.0	–	390.0

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