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Annual Report and Accounts - Hemscott IR

Annual Report and Accounts - Hemscott IR

Strategic Delivery

Strategic Delivery OverviewTravis Perkins is the largest provider ofbuilding materials in the UK. Our philosophy ofcontinuous improvement is intended to increaseshareholder value through innovation, organicself-help initiatives and targeted expansion.In order that we might achieve our goal, weseek to ensure that our businesses offermarket leading propositions, (as measured bycustomers and suppliers) and outgrow theirmarkets on a like-for-like basis.Successful execution of our strategy is basedupon a strong and well resourced share servicemodel, which enables branches to concentrateon delivering excellent customer service, whilstallowing the central teams to concentrate oninnovation and leadership across the Group.The section below gives a high level overviewof our approach to delivering our strategy, howwe judge progress, and which of the principalrisks and uncertainties could prevent it beingdelivered. Further details are provided withinthe Chairman’s Statement, the Chief Executive’sReview of the Year, the Deputy Chief Executive’sReview of the Year and the Finance Director’sReview of the Year.StrategicdimensionApproachKey performanceindicatorsPrincipal risks anduncertaintiesPeople Devolving authority to managers to allow them to compete in the market, butwithout weakening our control environment.Recruiting and developing people with attributes that support our core values.Operating a performance management system closely aligned to incentives.Employee retention. Employee recruitment,retention andsuccession.Sales andmarginmanagementExploiting economies of scale from growth to improve our proposition, gainfurther market share and improve operating margins.Centralising purchasing to increase the benefits of common purchasing.Improving our supply chain capabilities.Expanding our global sourcing activities to support our own brand proposition.Continuously improving our customer and supplier proposition.Like-for-likerevenue growth.Like-for-like salesoutperformance.Adjusted operatingprofit/margin.Competitive pressures.Information technologyfailure.Supplier dependencyand direct sourcing.Harmonising product specifications across our businesses.Cost controland assetmanagementExploiting the economies of scale delivered by growth and centralisation toimprove our operating margins.Centralising most support services.Improving asset turn and lowering property costs.Group overheads tosales ratio.Adjusted ROCE.Information technologyfailure.Defined benefit schemefunding.Realising surplus assets and reinvesting the proceeds.ExpansionUsing our superior financial performance to expand our branch network soensuring we penetrate all catchments in the UK.Revenue fromexpansion.Integration complexity.Operating a well resourced and innovative property function.Extending our multi-channel capabilities.Adding additional channels or creating businesses to serve all segments of theUK building materials market where we can achieve synergies.Developing and owning trade parks and multiple brand sites.FinancialAchieving market leading returns on sales and returns on capital employed.Net debt to EBITDA.Market conditions.Reducing debt through cash generation.Free cash flow.Increasing adjusted earnings per share.Adjusted ROCE.Optimising our dividend cover.Adjusted EPS.Adjusted PBT.Dividend cover.22Stephen Armstrong, Steve Simms and Nigel Read at F&P Wholesale Bedford

T R A V I S P E R K I N S A N N U A L R E P O R T A N D A C C O U N T S 2 0 1 1“F&P Wholesale, a distributor of plumbing, heating and bathroom products to independent merchants”REPORTS23

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