2019 Interim results July 2019 1 Agenda Welcome Stuart Chambers - - PowerPoint PPT Presentation

2019 Interim results July 2019 1

2019 Interim results July 2019 2

Agenda

Welcome Stuart Chambers p3 Financial review Alan Williams p4 Operational review & strategic update John Carter p18 Appendices p32

2019 Interim results July 2019 3

WELCOME STUART CHAMBERS

2019 Interim results July 2019 4

FINANCIAL REVIEW ALAN WILLIAMS

2019 Interim results July 2019 5

H1 overview

Good progress towards strategic goals Underpinned by strong H1 trading performance

• Focus on advantaged trade

businesses

• Simplifying the Group to reduce

complexity and costs

• Separation of P&H - disposal

process under way

• Intention to demerge Wickes
• 8% LFL growth driven by volume
• Positive trading in Merchanting -

businesses gaining market share

• Excellent Toolstation growth

continued

• Strengthened performance in

Wickes with 49% EBITA growth

2019 Interim results July 2019 6

Basis of results

• New reporting segments as defined in the FY2018 results presentation
• Plumbing & Heating classified as a discontinuing operation:
• Excluded from Group results
• Recognised as asset held for sale
• First application of IFRS16 - Leases:
• Not required to fully restate 2018 results on an IFRS16 basis
• Have provided illustrative comparatives of 2018 results
• Free cash flow : excludes freehold transactions, includes all capex

2019 Interim results July 2019 7

Key financial highlights

Six months ended 30 June 2019 H1 2019 H1 2018 Restated* H1 2018 IFRS16 illustrative comparative Year-on-year change** Revenue £2,771m £2,591m 6.9% Like-for-like sales growth 8.0% 0.2% +7.8ppts Adjusted EBITA excluding property profits £189m £142m £160m 18.1% Adjusted EBITA £195m £156m £170m 14.7% Adjusted earnings per share 50.1p 46.3p 41.8p 19.9% Adjusting items £(127)m £(257)m ROCE 9.8% 10.5% 9.0% +0.8ppts Covenant net debt £(414)m £(409)m (5) Dividends per share 15.5p 15.5p

• *All figures except for profit after tax restated to exclude the Plumbing & Heating division, which has been presented as a discontinuing operation

**Changes calculated versus H1 2018 illustrative comparatives including the impact of IFRS 16 as previously disclosed

2019 Interim results July 2019 8

Strong volume growth driving revenue

*Net space changes includes acquisitions and disposals

• Like-for-like sales growth of 8.0%
• Merchanting volume growth of 4.6%

demonstrates market share gains

• Strong growth in Toolstation through

LFL and network expansion

• Encouraging recovery in Wickes

trading in core DIY and K&B

• Cost of goods inflation passed

through in trade businesses

LFL Q1 Q2 H1 Q3 Q4 H2 FY 2018 (1.7)% 2.7% 0.2% 1.6% 5.3% 3.6% 2.0% 2019 11.0% 5.2% 8.0% 2yr LFL Q1 Q2 H1 Q3 Q4 H2 FY 2018 2.1% 6.7% 4.0% 5.5% 7.8% 6.8% 5.7% 2019 9.1% 8.0% 8.2%

£2,591m £2,771m £176m £31m £(12)m £(15)m

H1 2018 Volume Price / Mix Net space changes* Trading days H1 2019

2019 Interim results July 2019 9

£170m £195m £(26)m £(21)m £(4)m £55m £21m

H1 2018 adjusted EBITA Gross profit growth Cost inflation Cost reduction Investment Difference in property profit H1 2019 adjusted EBITA

EBITA growth driven by volume and self help

Overall change in overhead cost base

2019 Interim results July 2019 10

Overhead costs as a proportion of sales

• Good progress towards annualised savings

target of £20m-£30m by mid-2020:

• Simplification of the Group enabling

structural savings

• Streamlining central functions - better

branch support with improved efficiency

• Cost reduction partly offset by inflation in

rent, rates and salaries

• Significant ongoing investment in

proposition, especially Toolstation network

22.0% 22.5% 23.0% 23.5% 24.0% 24.5% 25.0% 2012 2013 2014 2015 2016 2017 2018 2019*

Group overhead to sales ratio

*Estimated result for 2019 based on achieved figure for H1 2019

2019 Interim results July 2019 11

Merchanting - market outperformance

• Positive volume growth reflects

encouraging market share gains

• Continued strong revenue growth in

specialists with focus on efficiency

• COGS inflation of around 2%

recovered through pricing

• Profit growth driven by volume with

extra investment in TP branch teams

• Cost reduction benefits offsetting
• verhead cost inflation

H1 2019 H1 2018* Change Total revenue £1,869m £1,783m 4.8% Like-for-like growth 6.4% 2.4% 4.0ppt Adjusted operating profit** £140m £133m 5.3% Adjusted operating margin** 7.5% 7.5%

• ROCE

12% 11% 1ppt Branch network*** 996 1001 (5)

*H1 2018 figures used are illustrative comparatives including the impact of IFRS 16 as previously disclosed **Divisional adjusted operating profit figures are presented excluding property profits ***2018 branch network figures for comparison are taken at 31 December 2018

2019 Interim results July 2019 12

Toolstation - sector leading growth

• Strong total sales growth with 21

branches added to the network

• Excellent LFL growth of 17.3% from

store maturity and wider online range

• EBITA margins increasing with volume

growth partially offset by investment

• All planned new sites for H2 identified
• 60 openings altogether in 2019
• Dutch network expansion continues

with 10 new branches

H1 2019 H1 2018* Change Total revenue £208m £169m 23.1% Like-for-like growth 17.3% 10.7% 6.6ppt Adjusted operating profit** £13m £10m 30.0% Adjusted operating margin** 6.3% 5.9% 40bps ROCE 10% 10%

• Branch network (UK)***

356 335 21 Branch network (Europe)*** 53 40 13

*H1 2018 figures used are illustrative comparatives including the impact of IFRS 16 as previously disclosed **Divisional adjusted operating profit figures are presented excluding property profits ***2018 branch network figures for comparison are taken at 31 December 2018

2019 Interim results July 2019 13

Retail - Encouraging Wickes recovery

• Strengthening trading performance:
• Core DIY sales benefitting from

strong trading plan and new ranges

• K&B order intake encouraging
• Significant profit improvement from

trading and tight overhead cost control

• Adjusted EBITA margin benefitting

from strong operating leverage

• Early progress to create a more

standalone business

*H1 2018 figures used are illustrative comparatives including the impact of IFRS 16 as previously disclosed **Divisional adjusted operating profit figures are presented excluding property profits ***2018 branch network figures for comparison are taken at 31 December 2018

H1 2019 H1 2018* Change Total revenue £695m £638m 8.9% Like-for-like growth 9.7% (7.4)% 17.1ppt Adjusted operating profit** £52m £35m 48.6% Adjusted operating margin** 7.5% 5.5% 200bps ROCE 7% 5% 2ppts Branch network (Wickes)*** 241 241

• Branch network (Tile Giant)***

95 96 (1)

2019 Interim results July 2019 14

New definition of free cash flow

• c.£50m inventory build ahead of Brexit
• Plan to maintain stock levels short-term

to protect customer access to materials

• Higher debtors in line with growth in

Merchanting credit sales

*Interest cost includes £30m ‘Interest on leased assets’ recognised under the implementation of IFRS16 - Leases

Free cash flow (£m) 40 Investments in freehold property (9) Disposal proceeds in excess of property profits 24 Acquisitions / disposals (20) Dividends (78) Pensions payments (10) Purchase of own shares (14) Cash payments on adjusting items (33) Other (16) Change in cash/cash equivalents (116)

£214m £40m £70m £5m £134m £64m £51m

• Adj. EBITA
• exc. property

Depreciation and non-cash items Change in working capital Interest* and Tax Capex (exc. freehold) Disposals (exc. freehold) Free cash flow (before freehold)

2019 Interim results July 2019 15

(£m) H1 2019 H1 2018 Maintenance (22) (25) IT (12) (24) Growth capex (17) (34) Base capital expenditure (51) (83) Freehold property (9) (41) Gross capital expenditure (60) (124) Disposals* 29 51 Net capital expenditure (31) (73)

Capital expenditure reducing from peak

• Maintenance capex modestly lower due

to phasing of fleet requirements

• Growth capex focused on Toolstation

network expansion

• Recycling of freehold assets realised net

£15m of cash and £6m of profit

• Continuing to develop sites for new

merchant branches and relocations

• Maintaining guidance for FY2019 base

capex of £110m-£130m

*Proceeds from disposals includes £24m of proceeds from freehold disposals and £5m proceeds from other asset disposals

2019 Interim results July 2019 16

Medium Term Guidance H1 2019 H1 2018 Change Covenant net debt £414m £409m £5m IFRS16 net debt £1,739m

n/a

Lease adjusted net debt £2,001m

n/a

Gearing* 40.9% 47.6%

n/a

Fixed charge cover 3.5x 3.0x 2.7x 0.3x Net debt : Adjusted EBITDA* 2.5x 2.8x 3.0x (0.2)x

Balance sheet remains strong

Strong balance sheet underpins Group strategic direction

*H1 2018 comparative figure calculated as a Lease Adjusted measure with a lease adjustment based on 8x the annual net rent charge. Whilst not directly comparable the two methods are broadly consistent.

2019 Interim results July 2019 17

Outlook and guidance

• Long term fundamental drivers remain robust
• Uncertainty makes market conditions difficult to forecast in the

near term

• The Group demonstrated encouraging outperformance in H1
• Confident of making progress across 2019 as a whole

2019 Interim results July 2019 18

OPERATIONAL REVIEW & STRATEGIC UPDATE JOHN CARTER

2019 Interim results July 2019 19

An important 18 months for the Group

• Clear and exciting plan laid out in December 2018
• Good progress towards the Group’s strategic aims:
• Strong progress in restructuring of Merchanting organisation
• Group simplification well under way
• Encouraging improvement in Wickes performance with

strengthened management team in place

• Disappointing delay in the journey to upgrade IT capability

2019 Interim results July 2019 20

Grow shareholder value through two key themes

Focus on Trade Simplify the Group

Driving market

• utperformance

Lean cost structure Disciplined capital allocation Long term drivers positive, but challenges in the short term The Group has grown, but also become more complex

Slide extracted from Capital Markets Update presentation - December 2018

2019 Interim results July 2019 21

Setting up Merchants to win in their markets

• Convenient branch locations to

serve customers

• Encourage branch managers to

make good, quick decisions

• Range and price tailored locally

Think and act local Easy to do business with

• Best account and relationship

management

• Improved delivery proposition
• Developing sector leading digital

capability for our customers

What matters to branches matters to us

• Put branch managers at the

heart of our trading plans

• Ensure central functions are

there to support branches

• Make things clear and simple
• Improve communications

2019 Interim results July 2019 22

Evolution not revolution

Customers at the heart of what we do

Customer led proposition

• Building on strong

heritage and existing foundations

• Ingrained culture of

customer service

• Operational excellence
• Replicate strong sales

culture as demonstrated in specialist merchants

• Targeting the right

customers - “the best builders in town”

• Deep understanding of

customer requirements

• Investing in branch

teams to improve service

• Wider and deeper

branch stock to boost customer confidence

Developing a focused sales culture

• Restructuring of sales

force with better alignment to branch efforts and teams

• Be smarter at sharing

information between sales and branch teams

• Build stronger, deeper

customer relationships by being inquisitive

2019 Interim results July 2019 23

Empowering our branch managers

Authority

• Streamlined approval process for pricing agreements
• Enables faster, local decision making for customers
• Less manual pricing means better pricing consistency

Information

• Providing more precise pricing information
• 100 top branch managers in initial trial
• Trusted to make good commercial decisions

Localised decision making

• Partner with the best builders in town
• Stock the right products in the right depth
• Get back to local trading in the local catchment
• Outstanding

engagement from the branch manager community

• Visible change in culture

across the business

• Starting to see early

benefits from our efforts

2019 Interim results July 2019 24

Specialists winning with tailored propositions

Focus:

• Heavy civils and drainage products
• Larger customers

Model:

• Less than 10% collected by customers
• 90% of sales delivered

Adapt branch network strategy to fit business model

• Convenient location not the main customer driver
• Operate from fewer branches with broader reach
• Low cost branches in low cost locations
• Large customers demand reliable,

high-quality service

• Tailored propositions fulfil customer

requirements at lowest cost-to-serve

Delivering superior customer service whilst focusing on efficiency and high return on capital

2019 Interim results July 2019 25

IT - further simplification possible

• Current merchanting

IT platform is over 35 years old

• Covers major

merchant brands (and Wickes financials)

• Stable - but complex

infrastructure

• Redesign required for

future proofing

• Separation of P&H and

Wickes systems changes scope of IT programme

• Opportunity to redesign

IT ‘eco-system’ in parallel with separation activities

• Decision taken to delay

first deployment

• Revised scope allows

improvements to overall environment

• Enables access to lower

future operating costs

Slide extracted from Capital Markets Update presentation - December 2018

2019 Interim results July 2019 26

Merchant systems - what it means for the future?

• Overall plan likely to take longer than previously signalled
• Cash impact not materially different given expected lower operating costs
• Continue to operate existing transactional system for now
• Embarking on modernisation of the overall systems environment to improve

performance and resilience

• Reduce the number of customer-facing and back office applications
• Streamline processes to enable faster, data-driven decision making
• Smaller programme scope - investigating lower risk modular deployment of

core transactional and stock systems

2019 Interim results July 2019 27

Maintaining price leadership with smarter use of promotions

Delivering accelerating growth

Value Leadership Trade focused range growth Store network expansion Digital enablement People & Capability 1,500 new products including 20 new recognised trade brands 21 new stores opened in H1 - 60 targeted in total for 2019 New website driving click & collect growth of over 80% Strong service culture driving higher net promoter score

2019 Interim results July 2019 28

Wickes demonstrates standalone strength

Performance recovery driven by sustainable competitive advantages

• Maintained value leadership and strengthened

promotional plans

• Balanced mix of Trade, DIY and DIFM customers
• Careful management of overhead costs and

efficient store network

• Market-leading K&B installation offer
• Ongoing development of digital proposition with

extended online range and smart fulfilment

Insert photo [won’t upload into Google]

2019 Interim results July 2019 29

Wickes demerger process

Consistent with strategy to focus on the trade and simplify the Group

Well-positioned, standalone business with clear competitive advantages in its markets Group focused on advantaged trade businesses

Practical considerations:

• Propose to demerge Wickes by the end of H1 2020
• Substantial progress towards making Wickes more standalone
• Key separation workstreams in support functions underway
• Initiated demerger workstreams including finance, governance, legal & regulatory

2019 Interim results July 2019 30

Summary

Delighted with progress in 2019

• Excellent progress towards Group’s strategic aims
• Successful separation of P&H – sales process underway
• Strong recovery in Wickes – demerger announced
• Good trading performance from the Merchants
• Return to market share gains in Travis Perkins

Strong platform from which to drive shareholder value

• Evolution of streamlined Trade Merchant Organisation

with a hugely experienced leadership team

• Merchant businesses well positioned to gain market share
• Accelerating growth momentum in Toolstation
• Simplified Group enables a leaner cost base

2019 Interim results July 2019 31

QUESTIONS

2019 Interim results July 2019 32

APPENDICES

2019 Interim results July 2019 33

I - P&H - sale process underway

• Classified as discontinuing operation

with sale process progressing

• Modest reduction in like-for-like sales

due to milder Q1 and weaker wholesale activity

• Higher EBITA margin underpinned by:
• Encouraging sales growth in

branch and online businesses

• Tight control of overhead costs

H1 2019 H1 2018* Change Total revenue £713m £774m (7.9)% Like-for-like growth (3.9)% 19.8% (23.7)ppt Adjusted operating profit** £24m £22m 9.1% Adjusted operating margin** 3.4% 2.8% 60bps ROCE 12% 10% 2ppts Branch network *** 377 377

• *H1 2018 figures used are illustrative comparatives including the impact of IFRS 16 as previously disclosed

**Divisional adjusted operating profit figures are presented excluding property profits ***2018 branch network figures for comparison are taken at 31 December 2018

2019 Interim results July 2019 34

II - Technical guidance

• Technical guidance:
• Effective tax rate of around 19%
• Capex in the range of £110m - £130m excluding freehold
• Progressive dividend underpinned by strong cash generation
• H1 / H2 EBITA split more evenly balanced in 2019

2019 Interim results July 2019 35

III - Reconciliation from adjusted to statutory results

Six months ended 30 June H1 2019 H1 2018 Adjusted EBITA £195m £156m IT-related impairment charge £(111)m

• Built closure costs

£(13)m

• Wickes separation

£(4)m

• Impairment of goodwill
• £(246)m

Restructuring costs

• £(15)m

Pension related items

• £5m

Amortisation of acquired intangible assets £(4)m £(4)m Operating Profit/(loss) £64m £(104)m Share of associates results £(3)m £(1)m Net finance costs £(41)m £(10)m Profit/(loss)before tax £21m £(116)m

2019 Interim results July 2019 36

IV - Segmental revenue analysis - 30 June 2019

Merchanting Retail Toolstation

33.5 14.9 7.3 24.7 66.5 85.1 6.0 21.9 55.9 21.0 13.8 31.9 17.1 0% 20% 40% 60% 80% 100% Delivery Payment Category Geography

Collected Delivered Cash Credit Northern Midlands South West South East Timber Forest Heavyside Lightside P&H / Other

83.5 99.8 23.6 16.5 25.7 13.1 100.0 37.4 0% 20% 40% 60% 80% 100% Delivery Payment Category Geography

Northern Midlands South West South East Lightside Cash Collected Delivered

57.7 84.7 8.5 19.7 42.3 15.3 7.2 24.8 10.2 14.1 17.6 41.5 56.5 0% 20% 40% 60% 80% 100% Delivery Payment Category Geography

Northern Midlands South West South East Timber Forest Heavyside Lightside P&H / Other Cash Credit Collected Delivered

44.9 38.7 7.1 23.4 55.1 61.3 5.8 22.9 40.2 18.7 21.2 34.7 25.7 0% 20% 40% 60% 80% 100% Delivery Payment Category Geography

Northern Midlands South West South East Timber Forest Heavyside Lightside P&H / Other Cash Credit Collected Delivered

2019 Interim results July 2019 37

V - Market lead indicators

(14)pt Site visitors (3)pt Site reservations 1% Mortgage approvals (4)% Housing transactions 1% Housing prices (13)pt Consumer confidence (2)pt Climate for purchases 0% Equity withdrawal (2)% Retail Sales growth 3% Construction output 11pt Expected workload (8)pt Trade confidence 7% New construction

• rders

14% Architect work load

2019 Interim results July 2019 38

VI - Branch numbers

Historical network growth

Branch numbers exclude City Heating Spares and Toolhire implants

31-Dec-18 New Closures Acquisitions Total Group Including P&H Remove P&H Remaining Group 30-Jun-19 Travis Perkins 655 2 (8)

• 649
• 649

Benchmarx 182 4 (2)

• 184
• 184

Keyline & Rudridge 60

• (3)
• 57
• 57

CCF 41 1

• 42
• 42

BSS & TF Solutions 63 1

• 64
• 64

Merchanting 1,001 8 (13)

• 996
• 996

Toolstation UK 335 22 (1)

• 356
• 356

Toolstation Europe 40 13

• 53
• 53

Toolstation 375 35 (1)

• 409
• 409

PTS 66

• 66

(66)

• City Plumbing

296

• 296

(296)

• Other

15

• 15

(15)

• P&H

377

• 377

(377)

• Wickes

241 1 (1)

• 241
• 241

Tile Giant 96

• (1)
• 95
• 95

Retail 337 1 (2)

• 336
• 336

Built 1

• (1)
• Group

2,091 44 (17)

• 2,118

(377) 1,741

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Opening 1,262 1,303 1,813 1,868 1,896 1,939 1,975 2,028 2,053 2,076 2,091 New 46 519 120 48 58 101 124 82 86 75 44 Closures (5) (9) (65) (20) (15) (65) (71) (57) (63) (60) (17) Remove P&H

• (377)

Closing 1,303 1,813 1,868 1,896 1,939 1,975 2,028 2,053 2,076 2,091 1,741

2019 Interim results July 2019 39

VII - Sales drivers by division

Total revenue Merchanting Toolstation Retail Continuing Group Volume

4.6% 15.4 10.0% 6.8%

Price and mix

1.8% 1.9% (0.3)% 1.2%

Like-for-like revenue growth

6.4% 17.3% 9.7% 8.0%

Network expansion and acquisitions

(0.8)% 5.8% (0.9)% (0.5)%

Trading days

(0.8)%

• (0.6)%

Total revenue growth

4.8% 23.1% 8.8% 6.9%

2019 Interim results July 2019 40

VIII - Like-for-like sales growth

Like-for-like by quarter Like-for-like by half

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Merchants

4.3% 2.5% 4.4% 4.6% (0.5%) 5.5% 4.3% 5.2% 10.6% 2.7%

Toolstation

5.8% 10.3% 13.5% 10.7% 10.6% 10.4% 8.4% 13.3% 19.1% 15.7%

Retail

2.3% 6.1% 0.4% (5.7%) (7.9%) (6.0%) (7.2%) 3.5% 10.0% 9.4%

Continuing Group

3.9% 3.9% 3.8% 2.4% (1.7%) 2.7% 1.6% 5.3% 11.0% 5.2%

P&H

(1.1)% (1.9)% 5.4% 6.1% 19.7% 20.1% 14.8% 12.0% (4.0)% (3.9)%

H1 2017 H2 2017 FY 2017 H1 2018 H2 2018 FY 2018 H1 2019 Merchants

3.3% 4.5% 3.9% 2.4% 4.7% 3.6% 6.4%

Toolstation

8.1% 12.1% 10.7% 10.7% 12.0% 11.4% 17.3%

Retail

4.3% (2.5%) 1.4% (7.4%) (1.8%) (4.3%) 9.7%

Continuing Group

3.8% 3.1% 3.6% 0.2% 3.6% 2.0% 8.0%

P&H

(1.2)% 5.8% 2.1% 19.8% 12.9% 16.1% (3.9)%

2019 Interim results July 2019 41

IX - Definitions

Metric Definition

Operating profit Earnings before results of associates, interest, tax and amortisation of acquisition-related intangible assets Earning per share (“EPS”) Ratio of net profit after taxation adjusted for minority interests to weighted number of ordinary shares outstanding Adjusted operating profit / Adjusted EPS Operating profit / EPS before adjusting items and amortisation of acquisition-related intangible assets ROCE Ratio of adjusted operating profit to debt plus equity Covenant net debt On-balance sheet debt excluding lease liabilities and pension SPV liability Net debt On-balance sheet debt including lease liabilities Gearing Ratio of debt to equity plus debt Fixed charge cover Ratio of adjusted operating profit before depreciation to interest plus lease right-of-use asset depreciation Net Debt : EBITDA Ratio of Net debt to earnings before adjusting items, interest, tax, depreciation and amortisation Free cash flow (“FCF”) Net cash flow before dividends, capital expenditure, freehold acquisitions and disposals, pension deficit contributions & financing cash flows Total Shareholder Return (“TSR”) Ratio of opening market price per share to closing market price per share less opening market price per share plus dividends per share during the period WALE Weighted average expiry of property leases

2019 Interim results July 2019 42

X - Definitions (continued)

Metric Definition Site visitors House Builders Federation Survey / monthly / May 2019 / Balance score compared to a year ago Site reservations House Builders Federation Survey / monthly / May 2019 / Balance score compared to a year ago Mortgage approvals Bank of England / monthly / May 2019 / number of approvals % change year on year Housing transactions HM Revenue & Customs / monthly / June YTD 2019 / number of houses sold above £40k % change year on year Housing prices Nationwide / monthly / June 2019 / house price inflation % change year on year Consumer confidence GFK / monthly / June 2019 / index score Climate for purchases GFK / monthly / June 2019 / index score Equity withdrawal Bank of England / quarterly / Q1 2019 / Change in Equity withdrawal as % of net earnings compared to previous quarter Retail sales growth British Retail Consortium / monthly / June 2019 / LFL % change year on year Architect work load Mirza and Nacey Survey / quarterly / Q1 2019 / Index - balance score Construction output Construction output YTD ONS / monthly / May 2019 / % change year on year Trade confidence Travis Perkins survey materials spend / quarterly / Q2 2019 view of Q3 2019 / Balance score (sample: 1,303) Expected workload Federation of Master Builders / quarterly / Q1 2019 view of Q2 2019 / Balance score (publish later than TP survey, smaller sample of ~400) New construction orders Office for National Statistics / quarterly / Q1 2019 / % change year on year

2019 Interim results July 2019 43

CONTACTS

CONTACT.

investor.relations@travisperkins.co.uk Graeme Barnes | +44 7469 401 819 graeme.barnes@travisperkins.co.uk Zak Newmark | +44 7384 432560 zak.newmark@travisperkins.co.uk