Travis Perkins plc, parent company of Wickes, Toolstation and Tile Giant has released its full year results for 2017, ending December 31.
Revenue growth of 3.5% was reported in 2017, with like-for-like growth of 3.3%.
Adjusted operating profit of £380m following investments made to improve customer propositions.
Net debt was reduced by £36m to £342m.
Travis Perkins also reported encouraging early signs from the Plumbing & Heating transformation plan announced in August 2017.
As previously disclosed, an exceptional charge of £40.9m has been recognised in connection with the plan.
Chief executive officer, John Carter said: “2017 was a challenging year for the Group, with continuing uncertainty in our end-markets, and declining consumer confidence throughout the year. The main focus for our businesses has been to recover the significant cost price inflation encountered and on the whole, this has been achieved successfully.
"Despite the challenging environment, we have continued to make disciplined investments in our customer proposition for the long term. Both the General Merchanting and Consumer divisions were held back by this investment in a higher cost base which ran ahead of volume growth.
"The Contracts division delivered another excellent performance, with strong revenue growth generating good operating leverage. Progress in Plumbing & Heating following the announcement of the transformation plan has been swift and very encouraging. The business has been simplified under a single branch network, reducing costs and improving the proposition which has driven higher revenues and a return to profit growth in the second half of the year.
"In 2018, we anticipate that the mixed market backdrop will continue. As a result, we will be focusing capital investment behind our key priorities, and slowing investments elsewhere. The Group will focus heavily on maintaining tight control of the cost base and expects 2018 performance to be similar to 2017.
The long-term prospects for our businesses remain favourable, and the investments we have made in recent years give us a strong and sustainable competitive position from which to grow.”