Travis Perkins chief who oversaw Wickes demerger to step down after profit slashed

The chief executive of Travis Perkins is to step down after five years in the role, after profit was slashed by £175m.

Nick Roberts is to remain in his position until a successor is identified, the Northampton-headquartered company confirmed.

In a statement to the London Stock Exchange, Travis Perkins said the board and Mr Roberts “are aligned that now is the right time to search for a new leader to take the business forward”.

Mr Roberts oversaw the demerger of Wickes from the group in 2021. Roberts said: “Travis Perkins is a great company with a talented team and I have been privileged to serve as CEO 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 news comes after a downturn in the house building market led to profits at Travis Perkins being slashed by £175m during its latest financial year.

The company reported pre-tax profits of £70m for 2023, down from £245m in 2022 while revenue for the group, which also includes Toolstation, also declined from £4.994bn to £4.861bn over the same period.

Chair Jasmine Whitbread added: “On behalf of the board, I would like to thank Nick for his dedication and contribution to the business over the last five years.

“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.

“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 and to grow shareholder value.”

Earlier this month, City A.M. reported that executive directors at Travis Perkins will not receive their bonuses after the company’s performance during its latest financial year.

The business also confirmed that the total remuneration for Mr Roberts for 2023 was 43 per cent lower than the year before.