Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

Britain’s Travis Perkins restarts Wickes demerger process

2021 03 02T074855Z 2 LYNXMPEH210BO RTROPTP 4 TRAVIS PERKINS OUTLOOK - Global Banking | Finance

LONDON (Reuters) – Travis Perkins, Britain’s biggest seller of building materials, has restarted the process of demerging its Wickes home improvement business, it said on Tuesday.

The group put the process on hold at the start of the pandemic last March.

“The Wickes digitally led model has proved highly effective during the pandemic and the business is in great shape to embark on its journey as a standalone entity,” said CEO Nick Roberts.

Travis Perkins trades from more than 20 businesses including the builders merchants Wickes and Toolstation.

It said 2020 adjusted operating profit fell 48.6% to 227 million pounds ($315 million), reflecting lower volumes during the crisis.

Revenue fell 11.5% to 6.16 billion pounds, with like-for-like sales down 7.1%.

However, the group said Wickes took market share in the do-it-yourself (DIY) market with like-for-like revenue growth of 19.3%.

“Whilst uncertainty remains, we have seen a good recovery through the second half which gives us confidence that the fundamental drivers in our markets are robust,” Roberts said.

Shares in Travis Perkins, up 10% this year, closed on Monday at 1,438 pence, valuing the business at 3.7 billion pounds.

($1 = 0.7207 pounds)

(Reporting by James Davey; editing by Michael Holden and Jason Neely)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post