Travis Perkins: H1 operating profit 5% ahead of JPMe excl. property profits; FY guidance broadly inline with consensus

研报英文原文证据摘录

Travis Perkins: H1 operating profit 5% ahead of JPMe excl. property profits; FY guidance broadly inline with consensus

C A Z E N O V E Europe Equity Research

04 August 2026

Travis Perkins Overweight

TPK.L, TPK LN

H1 operating profit 5% ahead of JPMe excl. property Price (03 Aug 26):573p

profits; FY guidance broadly inline with consensus Price Target (Dec-27):630p

Our Take: Travis Perkins reported H1 results with sales of £2,258m broadly inline European Building & Construction

vs. JPMe at £2,250m; H1 operating profit of £67m was 9% above JPMe at £61m and Infrastructure

(or 5% ahead excluding property profits). Q2 LFL revenues were up 0.1% LFL Zaim Beekawa AC

(JPMe: flat) vs Q1 trends of down 1.7%. Q2 LFL Merchanting revenues were flat (44-20) 7134-4175

in Q2 with Toolstation UK up +2.1%. Toolstation Benelux trends remained zaim.beekawa@jpmorgan.com

difficult, down 6% LFL in Q2. Elsewhere, the company has announced that (i) Net J.P. Morgan Securities plc

debt has further reduced by £77m from year-end and leverage is now 1.9x, back Elodie Rall

within the group’s 1.5-2.0x target and (2) following a strategic review of the (44-20) 7134-5911

elodie.rall@jpmorgan.com

Benelux business announced in March 2026, the Group has initiated discussions J.P. Morgan Securities plc

with multiple interested parties regarding the possible divestment of this business. Jamie Smallbone

On guidance, the group expects market conditions in the second half to be (44-20) 3493-7015

comparable to the first and as such expects a similar trading performance and given jamie.smallbone@jpmorgan.com

consensus (company-collated) sits at £125m for Group adjusted operating profit, J.P. Morgan Securities plc

we would not expect any major changes to street expectations. Overall, we think Manshi Sinha