Travis Perkins reveals dividend and buyback plans after unit sale

(Alliance News) - Travis Perkins PLC on Tuesday said it will pay a special dividend and buy back ...

Alliance News 21 September, 2021 | 9:24AM
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(Alliance News) - Travis Perkins PLC on Tuesday said it will pay a special dividend and buy back at least GBP100 million of shares, as the sale of its Plumbing & Heating business nears completion.

The Northampton-based building supplies retailer confirmed the special dividend worth 35 pence per share, for a total of GBP79 million. In addition, the firm will start a buyback programme with a first tranche of repurchases worth up to GBP100 million. "Any further tranches...will be announced in due course," the company said.

The payouts come after Travis Perkins agreed to sell Plumbing & Heating to HIG Capital for GBP325 million in cash. That deal is expected to complete by September 30, with the first tranche of buybacks starting on October 1 and running until March 24 at the latest.

In April, Travis Perkins spun off DIY-retailer Wickes Group PLC as as separately listed company.

In May, Travis had said it planned to pay a 35p-per-share special dividend and start a buyback programme, "subject to market conditions".

Shares in Travis Perkins were up 0.3% to 1,694.50p in London on Tuesday morning.

By Ivan Edwards; ivanedwards@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Travis Perkins PLC 1,537.00 GBX -1.13 -

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