Salem Radio Network News Sunday, September 26, 2021

Business

UK’s Travis Perkins lifts 2021 profit outlook, announces special dividend

(Reuters) – Travis Perkins, Britain’s biggest seller of building materials, raised its 2021 earnings outlook on Tuesday, driven by strong performance in its merchanting business, and announced a special dividend of 35 pence per share.

The group, which spun off its Wickes home improvement business in April and sold its plumbing and heating division in May, now expects at least 310 million pounds ($430.87 million) in annual adjusted operating profit from continuing operations, up from at least 300 million pounds forecast in June.

Travis Perkins, whose merchanting business involves sale of wood, sand and all types of building materials, had reported a comparable profit of 227 million pounds for 2020.

Britain’s construction industry recorded its fastest growth in 24 years in June, bolstered by a jump in demand for new homes and commercial property, but the sector was beset by a record rise in the cost of raw materials.

“I am cautiously optimistic around the outlook for the business and confident in our ability to make further progress in the second half of the year,” Chief Executive Officer Nick Roberts said in a statement.

($1 = 0.7195 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Subhranshu Sahu)

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