DAVY VIEW

Travis Perkins’s 2025 results are meaningful in that they are the first numbers under the leadership of Gavin Slark, who started as CEO at the beginning of the year. The results themselves highlight the scale of the challenge ahead, albeit there are some encouraging signs such as a return to organic sales growth in the Merchanting division in H2 and tangible progress in debt reduction. However, given that trading conditions remain persistently unfavourable, near-term progress will remain contingent on self-help actions along with better strategic and operational delivery.