The group’s profits were down by 30% (2014: £321m) last year, though the adjusted pre-tax profit showed a 5.5% increase to £382m.
The group reported a weaker than expected RMI market in the second half of the year. Sales were up by 6.5% to £5.9bn (2014: £5.5bn) and the branch network expanded with 53 new group outlets opening.
Despite the reduction in profits, Travis Perkins said the long-term drivers of growth in the RMI market remained positive and the lagged growth in mortgage approvals and secondary housing transactions suggested the RMI market should recover well in the first half of 2016.
"There is expected to be no discernable inflation in the Group’s markets in 2016," it said.
"The Group expects to outperform the markets by around 1% and add around 2% of new space, resulting in headline sales growth for 2016 of 5 to 6%.
"We believe that the growth drivers in our markets remain strong and welcome the return to growth of mortgage approvals and secondary housing transactions in the second half of 2015," said CEO John Carter.
"This has supported good growth in RMI sales for the group in January and February 2016.
Improvements in pricing, and pricing guidance to branches, were trialled in Travis Perkins during the year and will be extended further in 2016.
Further investment in the distribution network enabled Travis Perkins to extend ranges of up to 16,000 products for delivery within 72 hours.
The group also opened its third heavyside range centre in Tilbury in to serve Travis Perkins branches in London and the South East, providing customers with an extended range of 43,000 heavyside products available next-day, with a further 3,000 available within two days.
