Interim Results

Travis Perkins PLC
6 September 2001

6 September 2001



               PRE-TAX PROFITS UP 18.1 PER CENT AT £52.3 MILLION

              OPERATING PROFITS BEFORE REORGANISATION COSTS AND
          AMORTISATION OF GOODWILL UP 9.2 PER CENT AT £62.9 MILLION

                                                            2001  2000 Increase
                                                              £m    £m        %
Turnover                                                   628.4 590.5      6.4

Operating profit before reorganisation costs and
     amortisation of goodwill                               62.9  57.6      9.2

Profit before taxation                                      52.3  44.3     18.1

Profit after taxation                                       35.1  29.6     18.6

Basic earnings per ordinary share                          31.6p 26.7p     18.4

Adjusted earnings per ordinary share before reorganisation
costs, amortisation of goodwill and profit on sale of
properties                                                 36.0p 32.5p     10.8

Interim dividend per share                                  5.4p  4.8p     12.5



Frank McKay, chief executive, said: ' We continue our drive for growth in our
UK network by both acquisition and development of greenfield sites.  In
addition we see the opportunity for further organic improvements.

Construction activity overall has increased in the first half of this year
compared with a year earlier, particularly in the improvement and maintenance
markets to which the Company is a major supplier.  While the level of new
housing starts is lower, consumer confidence, supported by the decline in
interest rates, has remained robust.  Against this background we believe the
Company can make further progress this year. '

Enquiries:                      Frank McKay
                                Chief Executive
                                Tel: [phone] (today)

Issued on behalf of Travis Perkins plc by Tavistock Communications Limited
(contact: Keith Payne, tel: [phone])



Chairman's Statement

I am pleased to report an operating profit for the six months to 30 June 2001,
before re-organisation costs and amortisation of goodwill, of £62.9 million
against £57.6 million the previous year, an increase of 9.2%.  Group sales at
£628.4 million were 6.4% ahead.  The operating profit represents 10% of sales
compared with 9.8% in 2000.

After amortisation of goodwill amounting to £5.2 million and interest costs of
£5.7 million, profit before taxation rose to £52.3 million from £44.3 million,
an increase of 18.1%.   There were no exceptional reorganisation costs in the
first half of this year against £2.3 million in the same period of 2000.
Basic earnings per share were 18.4% ahead at 31.6p against 26.7p.  After
adjusting for amortisation of goodwill, profit from the sale of surplus
properties and re-organisation costs incurred in the first half of last year,
earnings per share rose to 36.0p from 32.5p, an increase of 10.8%.

The board has declared an interim dividend of 5.4p per share, an increase of
12.5%.

Cash inflow from operating activities was £93.2 million, a strong advance on
the £60.8 million generated in the same period last year, primarily as a
result of tight control of working capital.  Capital expenditure of £16.7
million was at a similar level to the first half of last year reflecting
development of the Company's branches together with the addition of new
outlets and investment in new vehicles, plant and computing hardware. Total
expenditure on acquisitions was £11.2 million, as we continued to acquire
independent businesses to add to our existing branch network.  Net debt at 30
June 2001 was £149.0 million compared with £191.4 million at 31 December 2000.
This resulted in gearing of 38.1% compared with 53.5% at 31 December 2000.
The net interest charge was covered 11 times by operating profit before
reorganisation costs and amortisation of goodwill for the first half as
against 9 times for the same period last year.

After 36 years service with the Company, I have decided to retire from the
board at the end of October this year. For a limited period I will act as a
consultant on certain strategic matters.  I am very pleased to report that Tim
Stevenson joins the board with immediate effect and will take over as chairman
on my retirement. Tim, 53, who will be non-executive chairman, spent twenty
five years with Burmah Castrol PLC, culminating in his appointment as Chief
Executive in 1998.  He relinquished this position in August 2000 after Burmah
Castrol was acquired by BP plc. He is a non-executive director of National
Express plc.  I warmly welcome Tim to the Company and the board. He will find
a progressive business and a strong management team led by Frank McKay. I have
every confidence that in their hands the Company will continue to prosper.

Construction activity overall has increased in the first half of this year
compared with a year earlier, particularly in the improvement and maintenance
markets to which the Company is a major supplier.  While the level of new
housing starts is lower, consumer confidence, supported by the decline in
interest rates, has remained robust.  Against this background we believe the
Company can make further progress this year.

A. TRAVIS

6 September 2001



Chief Executive's Report
Results

Turnover increased 6.4% to £628.4 million in the first half of 2001 from £
590.5 million in the same period last year.  Group like for like sales rose by
3.4%, the second quarter showing a stronger gain than the first quarter as the
market gained momentum. Turnover also benefited from our continued investment
in acquisitions of independent merchants, in greenfield sites, and in the
enhancement of our existing branch network.

Operating profit before re-organisation costs and amortisation of goodwill
rose 9.2% to £62.9 million from £57.6 million.  This represented 10.0% of
sales, compared with 9.8% in the first half of 2000 reflecting the impact of
our continuous improvement programmes.

The 101 branches acquired in June 1999 on the acquisition of Keyline continue
to perform satisfactorily with improved returns both from those branches
rebranded Travis Perkins and those retaining the Keyline brand.

The 38 Sharpe and Fisher branches acquired at the end of 1999 were all
rebranded Travis Perkins and went through a considerable change last year as
the product range and operating systems were aligned with those of Travis
Perkins.  With the transition process complete by the end of 2000, the
performance of these branches in the first half of 2001 has been encouraging.
Sales and profits are both ahead of the equivalent period last year.

Developments

Consistent with our growth strategy, 19 new branches were added through
acquisitions and greenfield site developments. The 10 generalist branches
acquired, together with the opening of 9 greenfield sites including a number
of plumbing and heating specialist branches, increased the total branch
network to 492 at 30 June 2001.  These new additions have started well and are
performing ahead of expectations.

A further 12 tool hire outlets have been introduced in the first half of the
year, bringing the total to 142.

Branch Improvements

Our programme of branch improvements continued with major redevelopment
projects undertaken at Bath, Maidstone, Durham and Barnsley.  These projects
are designed both to broaden the range of products offered and to improve the
flow of customer vehicles through the branches.

The integration of our specialist timber operation, DW Archer, has progressed
well.  All 11 Archer branches are now operating on the same systems as the
rest of the group, enabling us to monitor margin performance more effectively.
Consideration is also being given to introducing a wider product offering in
some of these branches.

Improvements to operating efficiency in our main timber sawmills have led to
greater product availability through more on-time and in-full deliveries to
the branch network.

Information Technology

Major new initiatives in branch systems and in stock and debtor management
were launched in 2000 and are now close to full implementation.  As a result,
we have been able to further improve both stock and debtor management.
Automatic stock replenishment programmes with selected suppliers are also
progressing well and we are confident that these will further enhance stock
turn and product availability.

E-commerce initiatives have focused on specific bespoke projects with
customers.  Website traffic has continued to grow, though individual
transaction values via the internet remain small.

EDI invoicing programmes with suppliers have been extended.  About two thirds
of all invoices are now received electronically.  Internal Intranet systems
have been enhanced significantly in recent months with interactive management
information now replacing paper based systems.

Customer Service

Customer service training has continued to be provided to branch management
and the key performance indicator tracking programme is producing beneficial
results.  We shall continue to refine these training and performance
programmes during the second half of the year.

Health, Safety and Environment

Increased visibility of accident data has raised  awareness of health and
safety risks in the company and highlighted areas for improvement.

Our ISO 14001 compatible environment management system was launched at the end
of June.  As a result, procedures are now in place which will enable us to
address a range of environmental issues.  In particular, environmental impact
reduction targets have been set which have resulted in a number of initiatives
and action plans.  As part of our procedures all internal audit reviews will
now assess environment issues and we shall be externally audited for ISO 14001
compliance later in the year.

Future Expansion

We continue our drive for growth in our UK network by both acquisition and
development of greenfield sites.  In addition, we see the opportunity for
organic improvements through capital expenditure, product sourcing and own
label developments.  The IT developments currently being rolled out will
continue to enhance the efficiency of our business.  The emphasis on product
specialisation in the areas of plumbing and heating, toolhire, drylining and
insulation, timber and hard landscaping products continues.

We have confidence in our ability to sustain the growth in the business in its
present form.  Looking further ahead our understanding of the market in
building materials outside the United Kingdom continues to develop.

Staff

On behalf of the Board, I would like to express our thanks to all employees
for their contribution to a positive first half of 2001.

F. J. McKAY

6 September 2001



Consolidated Profit and Loss Account

                                           Six months   Six months        Year
                                              30 June      30 June      31 Dec
  £m                                             2001         2000        2000
                                           (Reviewed)   (Reviewed)   (Audited)
  Turnover                                      628.4        590.5     1,181.2
  Operating profit before                        62.9         57.6       113.2
  reorganisation costs and amortisation                                       
  of goodwill                                                                 
  Reorganisation costs                              -        (2.3)       (5.0)
  Amortisation of goodwill                      (5.2)        (5.0)      (10.1)
  Operating profit after reorganisation          57.7         50.3        98.1
  costs and amortisation of goodwill                                          
  Profit on sale of properties                    0.3          0.2         0.3
  Profit on ordinary activities before           58.0         50.5        98.4
  interest and taxation                                                       
  Net interest payable                          (5.7)        (6.2)      (12.7)
  Profit on ordinary activities before           52.3         44.3        85.7
  taxation                                                                    
  Tax on profit on ordinary activities         (17.2)       (14.7)      (27.3)
  Profit on ordinary activities after            35.1         29.6        58.4
  taxation                                                                    
  Dividends paid and proposed                   (6.0)        (5.3)      (17.0)
  Retained profit transferred to                 29.1         24.3        41.4
  reserves                                                                    
  Earnings per ordinary share                                                 
  Basic                                         31.6p        26.7p       52.7p
  Diluted                                       31.3p        26.6p       52.4p
  Adjusted (before reorganisation               36.0p        32.5p       64.7p
  costs, amortisation of goodwill and                                         
  profit on sale of properties)                                               
  Dividend per ordinary share                    5.4p         4.8p       15.3p

Consolidated Balance Sheet

                                              30 June      30 June      31 Dec
  £m                                             2001         2000        2000
                                           (Reviewed)   (Reviewed)   (Audited)
  Fixed assets                                                                
                         Tangible assets        223.9        205.4       215.8
                              Intangible        192.3        195.1       192.8
                       assets - goodwill                                      
                             Investments          5.2          4.1         5.2
                                                421.4        404.6       413.8
  Current assets                                                              
                                  Stocks        140.9        141.3       140.6
                                 Debtors        242.0        236.0       212.3
                         Properties held          1.7          0.8         1.5
                              for resale                                      
                        Cash at bank and         16.5         15.0         9.8
                                 in hand                                      
                                                401.1        393.1       364.2
  Creditors: amounts falling due within       (304.6)      (276.9)     (269.3)
  one year                                                                    
  Net current assets                             96.5        116.2        94.9
  Total assets less current liabilities         517.9        520.8       508.7
  Creditors: amounts falling due after        (125.0)      (175.0)     (150.0)
  more than one year                                                          
  Provisions for liabilities and charges        (2.2)        (7.0)       (1.1)
                                                390.7        338.8       357.6
  Capital and reserves                                                        
                         Called up share         11.2         11.1        11.1
                                 capital                                      
                           Share premium         59.8         52.6        54.7
                                 account                                      
                             Revaluation         31.4         31.9        31.4
                                reserves                                      
                         Profit and loss        287.2        242.1       259.3
                                 account                                      
  Total equity shareholders' funds              389.6        337.7       356.5
  Minority interests - non equity                 1.1          1.1         1.1
                                                390.7        338.8       357.6

The interim financial statements were approved by the Board of Directors on 6
September 2001.

Signed on behalf of the Board of Directors.

FJ McKay         )          Directors
PN Hampden Smith )

Reconciliation of Movements in Shareholders' Funds

                                            Six months   Six months       Year
                                              30 June      30 June      31 Dec
  £m                                             2001         2000        2000
                                           (Reviewed)   (Reviewed)   (Audited)
  Shareholders' funds at 1 January              356.5        313.4       313.4
  Profit attributable to shareholders            35.1         29.6        58.4
  of the Company                                                              
  Dividends                                     (6.0)        (5.3)      (17.0)
                                                 29.1         24.3        41.4
  New share capital subscribed                    4.1          0.6         2.4
  Revaluation reserve release on                (0.1)        (0.6)       (0.7)
  transfer of fixed asset properties to                                       
  current assets                                                              
  Net addition to shareholders' funds            33.1         24.3        43.1
  Shareholders' funds at 30 June / 31           389.6        337.7       356.5
  December                                                                    



Statement of Total Recognised Gains and Losses

                                           Six months   Six months        Year
                                              30 June      30 June      31 Dec
  £m                                             2001         2000        2000
                                           (Reviewed)   (Reviewed)   (Audited)
  Profit attributable to shareholders            35.1         29.6        58.4
  of the Company                                                              
  Other recognised losses                       (0.1)        (0.6)       (0.7)
  Total recognised gains and losses              35.0         29.0        57.7
  relating to the period                                                      

Consolidated Cash Flow Statement

                                           Six months   Six months        Year
                                              30 June      30 June      31 Dec
  £m                                             2001         2000        2000
                                           (Reviewed)   (Reviewed)   (Audited)
  Net cash inflow from operating                 93.2         60.8       104.7
  activities                                                                  
  Returns on investments and servicing                                        
  of finance                                                                  
  Interest received                               0.1            -         0.1
  Interest paid                                 (7.5)        (5.8)      (10.3)
  Net cash outflow for returns on               (7.4)        (5.8)      (10.2)
  investments and servicing of                                                
  finance                                                                     
  Taxation                                                                    
  UK corporation tax paid                      (10.0)        (5.3)      (26.3)
  Capital expenditure and financial                                           
  investment                                                                  
  Purchase of tangible fixed assets            (16.7)       (17.6)      (34.3)
  Receipts from sales of tangible fixed           2.0          1.7         1.6
  assets                                                                      
  Net cash outflow for capital                 (14.7)       (15.9)      (32.7)
  expenditure and financial investment                                        
  Acquisitions                                                                
  Purchase of business undertakings            (11.4)       (10.3)      (18.0)
  Net cash/(overdrafts) acquired with             0.2        (6.0)       (5.8)
  business undertakings                                                       
  Net cash outflow for acquisitions            (11.2)       (16.3)      (23.8)
  Equity dividends paid                        (11.6)       (10.4)      (15.8)
  Cash inflow / (outflow) before use of          38.3          7.1       (4.1)
  liquid resources and financing                                              
  Management of liquid resources                                              
  Cash inflow from short term deposits              -         15.9        15.9
  Financing                                                                   
  Issue of ordinary share capital                 4.1          0.6         1.1
  Repayment of bank loans                      (25.0)       (10.0)      (10.0)
  Repayment of unsecured loan notes             (0.9)            -       (2.3)
  Capital element of finance lease              (0.1)        (0.1)       (0.2)
  rentals                                                                     
  Net cash outflow from financing              (21.9)        (9.5)      (11.4)
  Increase in cash in the period                 16.4         13.5         0.4


Notes to the Interim Financial Statements

 1. Basis of preparation

The interim financial statements have been prepared on the basis of the
accounting policies set out in the Group's statutory accounts for the year
ended 31 December 2000.

The financial information for the six months ended 30 June 2001 and 30 June
2000 is unaudited and does not constitute statutory accounts as defined in
section 240 of the Companies Act 1985. This information has been reviewed by
Deloitte & Touche, the Group's auditors, and a copy of their review report
appears on page 12 of this Press Release.

The financial information for the year ended 31 December 2000 is extracted
from the audited accounts for that period. The auditors' report on those
accounts was unqualified and did not contain a statement under s237(2) or (3)
of the Companies Act 1985.

 2. Taxation

The tax charge on ordinary activities for the six months ended 30 June 2001
has been calculated at the rate which it is expected will apply for the year
ended 31 December 2001.

 3. Earnings per ordinary share

                               Six months     Six months             Year
                                  30 June        30 June           31 Dec
                                     2001           2000             2000

Basic earnings per ordinary share are calculated from the following ratio:
                                                                              
  Profit on ordinary             £35.1 million   £29.6 million   £58.4 million
  activities after taxation                                                   
  Average number of shares in      111,114,419     110,657,080     110,730,648
  issue                                                                       

Diluted earnings per ordinary share are calculated from the following ratio:

                                                                              
  Profit on ordinary             £35.1 million   £29.6 million   £58.4 million
  activities after taxation                                                   
  Average number of shares in      112,074,271     111,188,136     111,406,946
  issue including outstanding                                                 
  options                                                                     


Adjusted earnings per ordinary share (before reorganisation costs,
amortisation of goodwill and profit on the sale of properties) are presented
in addition to the basic earnings per ordinary share calculated in accordance
with FRS 3 and FRS 14 since, in the opinion of the directors, this presents a
better like-for-like comparison of the earnings of the Group between the
relevant periods.

Basic earnings per ordinary share may be reconciled to adjusted earnings per
ordinary share as follows:

                                              Six months   Six months     Year
  Pence                                          30 June      30 June   31 Dec
                                                    2001         2000     2000
  Adjusted earnings per ordinary share             36.0p        32.5p    64.7p
  (before reorganisation costs,                                               
  amortisation of goodwill and profit on                                      
  the sale of properties)                                                     
  Reorganisation costs                                 -       (2.1)p   (4.5)p
  Tax thereon                                          -         0.6p     1.3p
  Amortisation of goodwill                        (4.7)p       (4.5)p   (9.1)p
  Profit on sale of properties                      0.3p         0.2p     0.3p
  Basic earnings per ordinary share -              31.6p        26.7p    52.7p
  FRS14 basis                                                                 

 4. Dividend per ordinary share

The interim dividend of 5.4 pence per ordinary share will be paid on 1
November 2001 to shareholders on the register on 5 October 2001. The shares
will be quoted ex-dividend on 3 October 2001.

 5. Net cash inflow from operating activities

                                              Six months   Six months     Year
                                                 30 June      30 June   31 Dec
  £m                                                2001         2000     2000
  Operating profit after reorganisation                                       
  costs and                                                                   
  amortisation of goodwill                          57.7         50.3     98.1
  Amortisation of goodwill                           5.2          5.0     10.1
  Depreciation and other amounts written             9.1          8.0     16.6
  off fixed assets                                                            
  Profit on sale of fixed assets                   (0.3)        (0.4)    (0.7)
  Decrease / (increase) in stocks                    1.6       (10.8)    (9.0)
  Increase in debtors                             (21.7)       (24.6)    (0.5)
  Increase / (decrease) in creditors                41.6         33.3    (9.9)
  Net cash inflow from operating activities         93.2         60.8    104.7


 6. Reconciliation of net cash flow to movement in net debt

                                             Six months   Six months      Year
                                                30 June      30 June    31 Dec
  £m                                               2001         2000      2000
  Net debt at 1 January                         (191.4)      (181.6)   (181.6)
  Increase in cash in the period                   16.4         13.5       0.4
  Cash outflow to repay debt                       25.0         10.0      12.3
  Non-cash changes                                  0.9        (6.5)     (6.8)
  Cash inflow from decrease in liquid                 -       (15.9)    (15.9)
  resources                                                                   
  Decrease / (increase) in finance leases           0.1        (0.2)       0.2
  Movement in net debt                             42.4          0.9     (9.8)
  Net debt at 30 June / 31 December             (149.0)      (180.7)   (191.4)

 7. Analysis of movements in cash and debt

                                          Six months   Six months      Year
                                             30 June      30 June    31 Dec
     £m                                         2001         2000      2000
     Cash at bank and in hand                   16.5         15.0       9.8
     Bank overdrafts                           (0.1)        (1.9)     (9.8)
     Bank loans                              (150.0)      (175.0)   (175.0)
     Finance leases less than 1 year           (0.2)        (0.4)     (0.3)
     Unsecured loan notes                     (15.2)       (18.4)    (16.1)
     Net debt at 30 June / 31 December       (149.0)      (180.7)   (191.4)



Independent Review Report to Travis Perkins plc

Introduction

We have been instructed by the Company to review the financial information for
the six months ended 30 June 2001 which comprises the profit and loss account,
the balance sheet, the cash flow statement and related notes 1 to 7. We have
read the other information contained in the interim report and considered
whether it contains any apparent misstatements or material inconsistencies
with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The Listing
Rules of the Financial Services Authority require that the accounting policies
and presentation applied to the interim figures should be consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999
/4 issued by the Auditing Practices Board. A review consists principally of
making enquires of group management and applying analytical procedures to the
financial information and underlying financial data, assessing whether
accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with
Auditing Standards and therefore provides a lower level of assurance than an
audit. Accordingly, we do not express an audit opinion on the interim
financial information.

Review conclusion

On the basis of our review, we are not aware of any material modifications
that should be made to financial information as presented for the six months
ended 30 June 2001.


Deloitte & Touche                                             6 September 2001
Chartered Accountants
Colmore Gate
2 Colmore Row
Birmingham B3 2BN