Shares in materials supplier Travis Perkins slumped nearly 10 percent on Thursday, after a business overhaul caused profits to drop dramatically.
Pre-tax profit fell 67 percent to £73 million over the full year to December 31st, with profit after taxation down 91.7 percent.
Whilst revenue rose 4.6 percent to £6,217, basic earnings per share also sunk heavily, down 92.5 percent to 5.1p from 68.8p the year previously.
The results were affected by a weaker pound putting pressure on imports, as well as a “difficult year” for the company’s Plumbing and Heating division.
John Carter, the group’s CEO, said that looking forward, “the macro-economic outlook of the UK is mixed”.
“The sharp decline in the value of Sterling since June 2016 has created cost pressures on imported goods and materials, and the expectations for secondary housing market transactions and growth in the RMI market have weakened”, he added.
Travis Perkins is the UK’s biggest supplier of building materials, with customers across several sectors including housing, plumbing and government. Shares in the company are currently down 8.69 percent at 1,429.00 (1129GMT).
