27 March 2024 , 12:46
883
0
The boss of building supplies company Travis Perkins is set to step down after five years due to the firm's recent struggles.
Nick Roberts, the chief executive, will stay with the company while they look for his replacement. His departure comes just weeks after Travis warned of another tough year ahead, with annual pre-tax profits falling to £70million from £245million in 2022.
The company's underlying operating profits also fell by 39% to £180million. The company, which also owns Toolstation, has been hit hard by a slowdown in UK housebuilding and less demand for home improvements and repairs.
It said: "The board and Nick are aligned that now is the right time to search for a new leader to take the business forward and the nominations committee is currently undertaking a thorough search process for Nick's successor."
Jasmine Whitbread, chair of Travis Perkins, said: "While there has been good progress made in modernising the business, the board fully recognises the under-performance of the business over recent reporting periods, in the context of continued economic challenges and end-market weakness."
Michelle Mone's husband gifted Tories 'over £171k' as Covid PPE row rumbles on
"We remain fully focused on improving profitability and enhancing cash generation, as well as accelerating changes to our operating model to create a simpler, more efficient business, well positioned to emerge stronger when markets recover."
Mr Roberts said: "Travis Perkins is a great company with a talented team and I have been privileged to serve as chief executive for the last five years. I am proud of the progress we have made in modernising the company. While the board identifies my successor, I will continue to rigorously execute on our plan and drive performance."
The firm warned earlier this month when reporting annual figures that the UK construction sector is unlikely to see any serious recovery until after the upcoming general election expected later this year. It also disclosed at the time that it was considering exiting its French Toolstation business, which has 51 shops across the country, and is reviewing its options for the 119-strong Toolstation Benelux chain.