Davy Morning Equity Briefing
Mar 17, 2026
Travis Perkins plc
Debt reduction the highlight in 2025
Travis Perkins’s 2025 results are meaningful in that they are the first numbers under the leadership of Gavin Slark, who started as CEO at the beginning of the year. The results themselves highlight the scale of the challenge ahead, albeit there are some encouraging signs such as a return to organic sales growth in the Merchanting division in H2 and tangible progress in debt reduction. However, given that trading conditions remain persistently unfavourable, near-term progress will remain contingent on self-help actions along with better strategic and operational delivery.
Harworth Group
£1bn in EPRA NDV still on track
Harworth Group’s FY25 results are in line with expectations, with EPRA NDV (224.4p) marginally ahead of the H1 out-turn. The company has reiterated medium-term guidance for £1bn in EPRA NDV and remains well placed to capitalise on major trends in the Industrial & Logistics (I&L) space such as data centres.
