Travis Perkins, Lodge Way House, Harlestone Road, Northampton  NN5 7UG  Tel: 01604 752 424
TRAVIS PERKINS PLC ANNUAL REPORT & ACCOUNTS 2004
TRA VIS PERKINS PLC
2004
ANNU AL REPOR T & A CCOUNTS
A Leader in Builders’ Merchanting and Home Improvement Retailing Travis Perkins'
group branches
TRAVIS PERKINS  CITY PLUMBING  KEYLINE  CCF  WICKES  Registered office: Lodge Way House, Harlestone Road, Northampton  NN5 7UG
Tel: 01604 752 424
TRA VIS PERKINS PLC TRA VIS PERKINS PLC
DESIGN · RWH DESIGN CONSULTANTS   PHOTOGRAPHY · CALVIN HEWITT   PRINT · FOLIUM Contents
Financial highlights 3
Chairman’s statement 4
Chief executive’s review 6
Finance director’s report 12
Corporate responsibility statement 18
Directors and professional advisers 30
Corporate governance 32
Audit committee report 36
Remuneration report 39
Nominations committee report 48
Directors’ report 49
Statement of directors’ responsibilities 54
Auditors’ report 54
Consolidated profit and loss account 56
Balance sheets 57
Statement of total 
recognised gains and losses 58
Analysis of actuarial gains and losses 58
Reconciliation of movements
in equity shareholders’ funds 58
Consolidated cash flow statement 59
Accounting policies 60
Notes to the accounts 62
Five year record 79
Notice of Annual General Meeting 81
Notes to notice of Annual General Meeting 83
Other shareholder information 84
TRA VIS PERKINS PLC
1 2 TRA VIS PERKINS PLC
3
Financial highlights
For the year ended 31 December 2004
£m 2004 2003
Turnover 1,828.6 1,678.3
Operating profit before amortisation of goodwill* 218.2 191.4
Profit on ordinary activities before taxation 190.4 162.7
Profit on ordinary activities after taxation 130.1 108.9
Total equity shareholders’ funds 630.5 477.0
Earnings per ordinary share (Note 9)
Basic 113.9p 96.5p
Adjusted (before amortisation of goodwill) 129.1p 110.0p
Dividend per ordinary share 30.5p 24.4p
* See details of goodwill amortisation in the profit and loss account on page 56.
Turnover up 9.0%
Profit before taxation up 17.0%
Basic earnings per share up 18.0%
Adjusted earnings per share up 17.4%
Dividend per share up 25.0%
Like-for-like free cash flow (note 32) up 16.9%
ADJUSTED
EARNINGS 
PER SHARE  
Pence
140
120
100
80
60
40
20
0
00 01 02 03 04
PROFIT BEFORE
TAXATION  
£m
200
180
160
140
120
100
80
60
40
20
0
00 01 02 03 04
TURNOVER
£m
00 01 02 03 04
1800
1600
1400
1200
1000
800
600
400
200
0 Results
I am pleased to report pre-tax profits for the year ended 31 December 2004
of £190.4 million, an increase of 17 per cent over the £162.7 million 
delivered in 2003. Turnover at £1,828.6 million was 9 per cent ahead of 
the previous year. Operating profit, before goodwill amortisation of 
£17.4 million (2003: £15.3 million), was £218.2 million, compared with
£191.4 million in 2003, an increase of 14 per cent.
Basic earnings per share were up 18 per cent at 113.9 pence, compared with 96.5 pence in 2003. Adjusted earnings
per share prior to amortisation of goodwill rose 17.4 per cent to 129.1 pence from 110.0 pence.
Dividend
At the half year the board indicated its intention to increase the final dividend to reflect the cash generative nature
of the business and its confidence in the future prospects of the company. As a result of the company’s continued
progress, the board is recommending a final dividend of 21.0 pence per share, an increase of 25 per cent on the final
dividend of 16.8 pence for 2003. Together with the interim dividend of 9.5 pence, this would give a total dividend of
30.5 pence per share, up 25 per cent on the previous year.
Board of directors
In December 2004 Frank McKay announced his intention to retire from the company in October this year at age 60.
During his five-year tenure, which has included the acquisition of Wickes, turnover has more than trebled with strong
growth by way of acquisition, brown-field openings and organic development. Double-digit earnings per share growth
year-on-year, a strong dividend progression and an increase in the branch network from 450 to over 900 have been
achieved. I am sure shareholders will join me in thanking Frank and in wishing him well for the future.
Geoff Cooper joined the board on 1 February 2005 and became chief executive on 1 March 2005. He was previously
deputy chief executive of Alliance UniChem a £9 billion turnover company that is a member of the FTSE 100 index.
John Coleman became a non-executive director of the company in February 2005. He is chief executive of House of
Fraser and brings a wealth of retail experience to our board.
Ted Adams and Peter Maydon have announced that they will be retiring as non-executive directors of the company
in December 2005. Ted has worked for the group for 33 years, initially as finance director of Sandell Perkins and
then after several promotions as group managing director of Travis Perkins. In 1999 he retired as an executive
director and a short time later accepted the position of non-executive director. He is widely respected throughout the
TRA VIS PERKINS PLC
4
Chairman’s statement
For the year ended 31 December 2004 industry, a fact which was recognised when he was elected president of the Builders Merchants Federation.
Peter Maydon has given great service to the company over the past seven years. During that time he has been a
member of all of the board committees, chairman of the company’s pension trust and latterly he has been senior 
non-executive director and chairman of the remuneration committee. On behalf of shareholders I would like to thank
Ted and Peter for being consistent sources of inspiration and wise counsel to their board colleagues.
Corporate governance
During the year the board has continued to review actively all of the major areas of risk to the company. Further
details of the governance controls can be found under the corporate governance section of the annual report 
and accounts.
Wickes
W e are pleased to welcome the directors and staff of Wickes to the Travis Perkins’ Group. Following shareholder
approval at our EGM on 2 February 2005 and clearance from the Office of Fair Trading, the acquisition of Wickes
was completed on 11 February 2005. W e are delighted with the acquisition for which we paid £950 million on a debt
free basis. Through Wickes we have entered a new market with strong long-term growth characteristics together with
significant synergy and store expansion potential.
Outlook
W e are delighted with the 2004 results, which included a record number of smaller acquisitions and brown-field
openings. W e have made a good start to 2005, with our trade in the RMI sector ahead of our expectations and our
early work confirming our view of the synergies available from the acquisition of Wickes. Despite a slowing of
consumer spending in February, as experienced by many retailers, we see enhanced earnings growth from the Wickes
acquisition. W e will continue to grow our business by investing in a plentiful supply of opportunities for TP
acquisitions and for new sites for both Wickes and for merchant branches.
T. E. P. Stevenson  Chairman
4 March 2005
TRA VIS PERKINS PLC
5
Wickes Extra store at Maidstone Results
The company enjoyed a further year of strong performance
in 2004. Operating profit before amortisation of goodwill
of £17.4 million (2003: £15.3 million) rose 14 per cent 
to £218.2 million from £191.4 million in 2003. Turnover
increased by 9 per cent to £1,826.6 million from 
£1,678.3 million. Sales growth was again driven by our
ongoing programme of investment in the acquisition of
independent merchants and in the opening of new 
brown-field sites. Indeed, in 2004 the company achieved a record number of one-off branch
openings. Group like-for-like sales were up 1.8 per cent. 
The overall operating margin, before goodwill amortisation, for the year moved up again, from 
11.4 per cent to 11.9 per cent, as a result of further improvements in procurement, overhead
efficiencies gained as the group grew and our overall culture of continuous improvement. 
City Plumbing Supplies (“CPS”) and Commercial Ceiling Factors (“CCF”) performed well during
a period of considerable restructuring in both businesses. Jayhard and B&G have now been fully
integrated into the CPS management structure and significant investment was made in the
acquired branches last year, with further similar investment planned for 2005. Gross profit as a
percentage of sales improved further on a like-for-like basis.
Developments
The past year saw significant growth in the rate of addition of one-off branches, both from the
acquisition of smaller independent businesses and from the opening of brown-field sites. In all 
67 new sites were added. The company completed 16 consolidations, mostly within the plumbing
and heating network, as opportunities were taken to reduce operating costs while maintaining
sales. The net addition to the branch total was 51.
TRA VIS PERKINS PLC
6
Chief executive’s review
For the year ended 31 December 2004
Brick matching
“Build the
Dream”
Website advice
E commerce
Estimating
services
Forest products
Heavyside
Land finding
service
Lightside
Online account
management
Paint mixing
Plumbing and
heating
Self build
advice
Timber
Toolhire TRA VIS PERKINS PLC
7
The brick library at Travis Perkins, Northampton
Decorating centres are available in many branches TRA VIS PERKINS PLC
8
The acquisition of 30 mixed merchant branches and the opening of 21 brown-field sites filled a number of key gaps
in the geographic coverage of the Travis Perkins’ brand. There were also 4 consolidations. At the same time a further
3 outlets were added to the Keyline branch network. The group’s specialist network of plumbing and heating
branches under the CPS brand increased by a net 1 branch, comprising 4 acquired branches, 9 brown-field openings
and 12 consolidations. The total amount spent on acquisitions was £39 million. 
By the end of 2004 the group was trading from 751 outlets compared with 700 a year earlier. 
Branch improvements
W e have continued to invest in the branch network in order to ensure continuous improvement in customer facilities.
During the year redevelopment projects were carried out at numerous Travis Perkins’ branches, including those 
in Caerphilly, Gastard, Erdington, Shepshed, Crosby, Oswestry, Northampton, Cromer, Slough, Urmston, Forfar 
and W atford.
The upgrading of Keyline branches continued, with refurbishments at Colchester, Swindon, Elgin, Norwich and
Kingswinford. Two CCF branches were moved into larger, improved units in Nottingham and Cardiff. A major
upgrading programme of bathroom showroom facilities at more than 25 CPS branches was also completed during 
the year.
Information technology 
W e have continued to invest in the quality of our information technology infrastructure, notably through the
installation across the branch network of over four thousand new PC’s, together with supporting server capacity.
Having achieved “chip and pin” accreditation, the introduction of this technology for debit and credit card
authorisation across the group was included in the PC rollout programme, along with the replacement of all of our
point-of-sale scanners. Wireless terminals have been added to the control systems at our distribution centre in
Brackmills, resulting in increased efficiency and throughput. W e are also in the process of piloting the use of wireless
hand-held terminals in a number of our branches. 
The group’s websites have been given a new look and an enhanced range of facilities, on a consistent basis, for the
various brands. A more comprehensive section on financial and corporate information has also been included.  A new on-line training initiative was launched during the year. As a result suppliers can now upload training material
direct to our intranet systems and all branch staff are now able to access it via the upgraded PC network. This has
improved the effectiveness of product training programmes across the group.
Customer service
W e have continued to monitor seven key customer service performance indicators, derived from data captured by our
information systems, and extended the methodology to monitor suppliers on issues that can assist in improving
further our customer service performance. The information collected is made available in real time to our suppliers
via an extranet system, thereby ensuring fast and effective feedback.
Health and safety
The company remains committed to achieving and maintaining high standards in health and safety. Last year two
extensive audits of health and safety practice were conducted. One, our own internal health and safety audit, has
resulted in each of our branches now being able to produce a health and safety action plan for the year. In addition,
our Lead Authority, Northampton Borough Council, carried out a detailed review of our health and safety practices
and produced a safety management review together with recommendations for improvement. The conclusions of these
audits, together with a detailed analysis of ‘accident causations’, will form the basis of our health and safety action
plan for 2005 and beyond. 
Environment
Our environmental management system accreditation to ISO 14001 was maintained during the year. Over the past
three years of our first environmental improvement plan, good progress has been made in reducing adverse impact
on the environment, particularly in the areas of timber certification, waste management, volatile organic compound
emissions and CO
2
emissions. A new improvement plan will be produced in the first part of this year and new targets
will be set to reduce further our environmental impact.
Timber procurement has continued to be a major focus of attention and we have increased further the percentage of
products procured from sources certified to recognised forestry standards. Chain of custody accreditation for both
Forest Stewardship Council (“FSC”) and the Programme for the Endorsement of Forest Certification (“PEFC”)
schemes has now been achieved for all Travis Perkins and Keyline branches selling timber products. 
TRA VIS PERKINS PLC
9 Future expansion
W e see significant additional scope for profitable growth of the Travis Perkins, Keyline, CCF and
CPS brands through the continued strategy of acquisition of regional groups and independent
merchants, and the opening of brown-field sites. 
The acquisition of Wickes was announced on 16 December 2004 and, following shareholder
approval and Office of Fair Trading clearance, was completed on 11 February 2005. This
acquisition further strengthens our position in the builders merchant market, as approximately one
third of Wickes’ sales are to tradesmen, and provides us with a new platform for growth in the UK’s
expanding DIY sector. In addition, we foresee substantial synergy benefits being achieved from
improvements in procurement, logistics, and other process efficiencies.
After another year of good progress, we remain confident of our ability to achieve further growth in
the future.
Staff
On behalf of the board, I would like to thank all our employees for their contribution to the success
of the company during 2004.
Geoff Cooper  Chief Executive
4 March 2005
TRA VIS PERKINS PLC
10
Aggregates
Blocks
Bricks
Cement
Drainage
Estimating 
services
Roofing
materials
Timber
Cement mixers
Gardening
equipment
Hand tools
Heaters and
dehumidifiers
Mini diggers
Mini towers
Nail guns
Protective 
equipment
Power tools
Routers
Sanders
Saws
Scaffolding,
ladders and
steps TRA VIS PERKINS PLC
11
The loft conversion takes shape
An extensive range of tools are available for hire Results 
Pre-tax profits were £190.4 million (2003: £162.7 million) after charging
goodwill amortisation of £17.4 million (2003: £15.3 million). 
Pre-tax profits before goodwill amortisation of £17.4 million 
(2003: £15.3 million) were £207.8 million (2003: £178.0 million), an 
increase of 16.7 per cent. Earnings before interest, tax, depreciation 
and goodwill amortisation (“EBITDA”) (as defined in note 34) were 
£250.5 million (2003: £218.3 million), an increase of 14.8 per cent.
Net interest payable for the year was £7.6 million compared with £9.1 million in 2003.
The tax charge was £60.3 million (31.7 per cent) compared with £53.8 million (33.1 per cent) in 2003. The rate is 
higher than the UK corporation tax rate of 30 per cent principally because the effect of claiming a statutory deduction
for share options exercised during the year (£4.6 million tax effect, 2003: £1.8 million) is more than offset by goodwill
amortisation and certain expenditure, which does not qualify for tax relief. The effective tax rate, after adjusting for
goodwill amortisation, was 29 per cent (2003: 30.2 per cent).
The underlying effective tax rate after adjusting for goodwill amortisation and excluding the effect of the gains on
share options described above is 31.2 per cent (2003: 31.2 per cent).
Cash flow
Over the past five years, the group has generated free cash of approximately £550 million. For 2004 like-for-like free
cash flow (as defined in note 32) was £149.8 million (2003: £128.1 million) an increase of 16.9 per cent. The free
cash generated by the group was used in part to fund expansion capital expenditure in the existing business and on
new acquisitions, which in total cost £68.3 million (2003: £89.7 million). In addition, as described on page 13
accelerated pension contributions of £25.8 million (2003: £3.6 million) were made during the year. 
Net debt and borrowing facilities 
In April 2004, the group repaid the final £75 million tranche of the syndicated loan used to purchase Keyline 
in 1999. At the same time the group’s £50 million revolving credit facility expired. The facilities were replaced with
two £25 million five-year bullet loans and £78 million of 364 day uncommitted facilities. 
TRA VIS PERKINS PLC
12
Finance director’s report
For the year ended 31 December 2004 TRA VIS PERKINS PLC
13
In November 2004, the first £5 million instalment of an existing £25 million amortising loan was repaid leaving 
the group with £120 million of committed drawn loan facilities all of which were at variable interest rates linked 
to LIBOR.
Net debt at the year-end was £12.2 million (2003: £128.5 million), which represents a gearing level (as defined in
note 31) of 1.9 per cent (2003: 26.9 per cent). Borrowings include £9.0 million (2003: £12.2 million) of unsecured
loan notes, which are redeemable at six monthly intervals ending in June 2015.
Interest cover, before goodwill amortisation (as defined in note 5) is approximately 29 times (2003: 21 times).
On 16 December 2004 the group signed a £1.2 billion credit agreement with The Royal Bank of Scotland and
Barclays Capital. The facility comprises a £500 million five-year term loan and a five-year, £700 million revolving
credit facility. On completion of the acquisition of Wickes on 11 February 2005, the new facility was drawn and, 
with the exception of £25 million of overdraft facilities, the existing facilities referred to above were either repaid 
or expired.
Pensions
Despite improved asset returns and £25.8 million of company contributions in excess of the profit and 
loss charge (2003: £3.6 million) the gross pension scheme deficit at 31 December 2004 was £128.3 million 
(2003: £121.6 million). The increased deficit was caused primarily by the company adopting the most recent
longevity assumptions when valuing the scheme liabilities, which increased the deficit by £36 million. 
At 31 December 2004 the net deficit, after allowing for deferred tax, was £89.8 million compared with £85.1 million
at 31 December 2003.
Shareholders’ funds
Total equity shareholders’ funds, after deducting the pension scheme deficit at 31 December 2004, were 
£630.5 million, an increase of £153.5 million on 31 December 2003. 
In December 2004, in anticipation of the acquisition of Wickes, the company placed 5 million shares at a price of
£15.30 raising £75.5 million net of the £1 million cost of the placing, which has been deducted from the share
premium account. The return on equity shareholders’ funds before taxation (as defined in note 33) has remained at
29.3 per cent. As can be seen from the five year record on pages (79 and 80) this level of return,
which is substantially higher than the group’s weighted average cost of capital, is consistent with
returns achieved over the last four years. 
At the year-end, the share price was 1,733 pence (2003: 1,278 pence) and the market
capitalisation £2,089 million (2003: £1,449 million), representing 3.3 times (2003: 3 times)
shareholders’ funds.
Goodwill
The net book value of goodwill in the balance sheet is £287.4 million, which is being amortised
over 20 years. Additions to goodwill in the year totalled £19.1 million.
Treasury risk management
Treasury activities are managed centrally under a framework of policies and procedures approved
and monitored by the board. The objectives are to protect the assets of the group and to identify
and then manage financial risk. In applying its policies, the group will utilise derivative
instruments, but only for risk management purposes. 
The principal risk facing the group is an exposure to interest rate fluctuations. The group is not
exposed to significant foreign exchange risk as most purchases are invoiced in sterling. These risks
are described further below: 
Interest rate risk
The group finances its operations through a mixture of retained profits, bank borrowings and
loan notes. The group borrows at floating rates and, where necessary, uses interest rate swaps
into fixed rates (see note 20) to generate the preferred interest rate profile and to manage its
exposure to interest rate fluctuations.
Currency risk
The group usually buys currency at spot rates. While this was the situation during 2004,
forward contracts may be purchased where appropriate. 
TRA VIS PERKINS PLC
14
Decorating 
products
Electrical cabling
Electrical fittings
Floorboards
Flooring
Interior doors
Ironmongery
Skirting
Paint
Plaster
Stud 
partitioning
Timber
Velux windows
Window frames
Building paper
Fire barrier 
systems
Mineral wool 
insulation
Partitioning
Plasterboard
Rigid insulation 
boards TRA VIS PERKINS PLC
15
The new bedroom
CCF supplies partitioning, plasterboard and
insulation materials Liquidity risk
The group’s policy has been to ensure that it has committed borrowing facilities in place in
excess of its peak forecast gross borrowings for at least the next twelve months. The current
refinancing is discussed above under Net Debt and Borrowing Facilities.
International accounting standards (“IAS”)
The group is well advanced in its preparation for the conversion of its accounting policies from UK
GAAP to IAS, which became mandatory for all listed companies on 1 January 2005. Our Auditors
are currently auditing our IAS calculations, a process which will be completed well ahead of the
half-year. Whilst it is too early to fully quantify the effect of IAS on our 2004 results and year-end
balance sheet we anticipate that the principal differences will arise from the:
 Treatment of property leases, with many leases being capitalised 
in the balance sheet;
 Charge in respect of the fair value of share options to 
the profit and loss account;
 Timing of recognition of proposed dividends in the accounts;
 Non-amortisation of goodwill;
 Recognition of certain deferred tax liabilities; and
 V aluation and amortisation of brand names as well as the treatment 
of interest rate swaps following the acquisition of Wickes.
Whilst the value of net assets and reported profits and the classification of certain items may be
affected by the implementation of IAS, there will be no effect on cash flows.
P. N. Hampden Smith  Finance Director
4 March 2005
TRA VIS PERKINS PLC
16
Arbours and
arches
Bark chipping
Block paving
Building sand
Cement
Coping stones
Decking
Decorative 
aggregates
Decorative stone
Fencing and
gates
Gazebos
Hard core
Hardwood table
and chairs
Parasols
Paving slabs
Sand and ballast
Sheds
Sleepers
Topsoil
Trellis
Walling and
edging TRA VIS PERKINS PLC
17
The new patio area and landscaped gardens
A Travis Perkins’ landscaping centre Corporate responsibility statement
For the year ended 31 December 2004
Introduction
The board has adopted the Guidelines on Social Responsibility published by the Association of British Insurers 
in October 2002, although it recognises that not all information relating to areas described in this report is 
presently subject to formal verification procedures. The board takes account of the significance of social,
environmental and ethical (SEE) matters in its conduct of the company’s business and during 2004 the directors
received briefings, in particular on risks associated with environmental and health and safety matters. The group 
has in place a comprehensive system of internal control as described more fully on page 34. This results in the
submission to the board of regular detailed reports on specific areas of risk. Using information thus provided, 
the board has identified and assessed significant risks and opportunities arising from social, environmental 
and ethical matters. These are:
 Environment;
 Health & safety;
 Supply chain;
 Employees;
 Community relations.
Individual reports are given below on these key areas. These reports include information on how risks and
opportunities are managed. 
Environment
The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts.
W e have been successful in maintaining accreditation of our Environmental Management System to the ISO 14001
standard during the year, having passed our re-certification audit in November 2004. A revised environmental policy
was published in August 2004, which includes commitments to continuously raise the proportion of our timber and
forest products that originate from known, legal, progressing to certified and certified forests, and to eliminate from
our business timber and forest products that originate from illegally harvested timber. 
Our policy is to:
 Comply with applicable environmental legislation;
 Prevent pollution and minimise the extent of environmental damage;
 Continuously improve our environmental performance.
The complete policy and details of the company’s progress against its commitments may be found in a full report on
our website at www.travisperkins.co.uk. 
TRA VIS PERKINS PLC
18 Environmental improvement plan
W e have continued with the implementation of our Environmental Improvement Plan during 2004 and report below
progress on the main issues. Where our targets and performance data are based on a measure of output per £ of
relevant sales, the sales figure is adjusted for price inflation in order to present data adjusted only for the overall
volume of business transacted. It should be noted that the data is prepared from a combination of specific
measurements and some estimates – we are continually refining the accuracy of the data, but believe the information
presented below constitutes a fair representation of our environmental performance improvement. Our original
targets were set for the period from 2001 to the end of 2004. New targets for the period from the start of 2005 to the
end of 2007 will be set during early 2005 and reported in the next annual report.
Carbon dioxide (“CO
2
”) emissions 
Our CO
2
emission data includes emissions arising from fuel used by commercial vehicles and forklift trucks,
consumption of fuel oil for heating, and gas and electricity consumption. The data in 2004 alone now includes that
generated from car drivers’ business miles – this aspect added circa 2,700 tonnes to give a total emission of an
estimated 63,400 tonnes in 2004. In the past three years we have transferred the electricity supply for our largest
consumption sites (including our head office buildings) and a
majority of our branches to carbon neutral sources. On this
basis we now estimate that over 80 per cent of our total
electricity demand is satisfied from these carbon free sources
– this has been the main reason for our reduction in CO
2
emissions shown in the adjacent chart. Our three-year target,
to achieve a reduction of 10 per cent in CO
2
emissions by the
end of 2004, has been met.
Volatile organic compound (“VOC”) emissions 
Over the past three years we have achieved a major reduction in emissions of VOCs through a programme of
replacement of organic solvent-based treatment fluids with aqueous based solutions. W e have reduced this in
absolute terms to approximately 16 tonnes in 2004, a reduction of 94 per cent when compared with the figure in
2001. Only three plants now remain with organic solvent-based treatment. W e have therefore met our 2004 target for
a 67 per cent reduction. All plants that have historically used copper chromated arsenate chemicals have been
converted well in advance of the legislative requirements with
all now using the less aggressive boron based compounds.
TRA VIS PERKINS PLC
19
60
50
40
30
20
10
0
2001 2002 2003 2004 2004 Target
49 T/£m
CO2 emissions
(Tonnes per million £ of Sales - inflation adjusted)
(6)%
(22)% 
(10)% 
(20)%
T/£m
300
250
200
150
100
50
0
2001 2002 2003 2004 2004 Target
VOC emissions
(Tonnes)
T
277 T
(57)%
(81)%
(94)% 
(67)%  Timber certification 
As shown in the chart, approximately 
41 per cent of the raw material content of
our purchases of timber and timber based
products were from certified sources at the
end of 2001. W e have made particularly
good progress in the past three years 
and this figure had increased to 66 per cent
by the end of 2004. Of the 66 per cent,
approximately 29 per cent is from FSC sources and 32 per cent from PEFC sources. The balance
of 5 per cent represents small volumes of materials certified to a variety of other national standards
in use in America, Canada and Malaysia. W e continue to challenge all suppliers who are not
currently providing certified material to work towards certification and as a minimum we ask all
suppliers to certify that timber supplied has been handled in accordance with all relevant
legislation. During 2003, we devised an audit process in order to further strengthen our
commitment to ensure that all non-certified timber is from legal sources. All of our preferred
sources in areas known to be of higher risk and not already verified legal have now been audited,
and we continue to monitor their commitments to achieve certification within given timetables. Two
suppliers deserve special mention for their achievements during 2004. Firstly our largest supplier
of plywood achieved FSC certification for all of their softwood and hardwood plywood production
during the year. Secondly our largest supplier of softwood carcassing has achieved a position
during 2004 that enables them to supply 100 per cent of our requirement certified to the PEFC
Swedish standard. These two major steps have been the primary reason behind the growth in
certified raw materials. Our target is for 75 per cent of the raw material content of our purchases
of timber and timber-based products to be from certified sources by the end of 2006.
Waste sent to landfill
Our main emphasis is on the avoidance of
waste, as well as the segregation of waste
streams in order to enhance recycling
opportunities and so reduce the cost of
waste disposal. W e have focused our efforts 
in 2004 on improving the segregation of
cardboard waste that can then be sent for
recycling rather than being sent to landfill,
with over 130 branches now using cardboard recycling waste containers. In total we estimate our
waste sent to landfill in 2001 was 33,400 tonnes. W e have reduced this in absolute terms to
approximately 32,700 tonnes in 2004 despite the growth of the group. W e have achieved our target
to meet our 2004 objective set in 2001, of a 15 per cent reduction per £ of yard sales. 
TRA VIS PERKINS PLC
20
Aggregates
Bricks
Building blocks
Cement
DPC
Drainage
External doors
Garage doors
Gravel
Ground 
membranes
Joists
Kerbstones
Lead flashing
Reinforcement
steel
Roof felt
Roof fittings
Roof tiles
Roof trusses
Sand
Treated timber
80%
60%
40%
20%
0%
2001 2002 2003 2004 2006 Target
Timber and timber product certification
(Content of certified material as a % of total purchases)
%
41%
45%
56%
66% 
75% 
40
30
20
10
0
2001 2002 2003 2004 2004 Target
Waste sent to landfill
(Tonnes per million £ of yard sales - inflation adjusted)
T/£m
33T/£m
(9)%
(26)%
(28)% 
(15)%  TRA VIS PERKINS PLC
21
The timber-built garage
Deliveries are made using a modern vehicle fleet Fuel consumption and vehicle emissions
More than 330 (2003: 250) commercial vehicles are now fitted
with particulate emissions filters representing 17 per cent of
the commercial fleet. W e have not met our target of 25 per cent
by the end of 2004 given that we have had to remove a number
of the filters fitted in 2001 as they have caused operational
problems. W e will be reviewing our policy with respect to
further filters in 2005 bearing in mind the improvements in
engine performance expected from vehicle manufacturers.
Complaints and notifiable events
W e investigate any complaint received and endeavour to rectify the causes promptly. Whilst our target is to have no
complaints, 10 complaints were received relating to environmental matters during 2004 (2003: 18). Of the
complaints received in 2004, four related to vehicle or other noise issues and two to traffic issues. The four remaining
complaints were about isolated incidents of differing causes. Generally resolution required only local action, such as
replacement of forklift bleepers with less obtrusive white noise warning devices.
Our emergency procedures are designed to ensure that even relatively minor events are reported to the Environment
Agency. Our investment in new double bunded oil tanks and improved maintenance of timber treatment facilities has
had a positive impact in that there was only one event which required us to contact the Agency during 2004. This
related to a small amount of hydraulic fluid spilt from a supplier vehicle which was dealt with immediately on site.
No further action is expected by the relevant authorities. Our target remains to have zero notifiable events.
Prosecutions
W e are pleased to report that we had no prosecutions for environmental matters during 2004.
Further information
W e welcome comments on the above report and our policy statement. Please contact our group planning director on
environment@travisperkins.co.uk
Health and safety
The group continues its commitment to the achievement and maintenance of high standards in health and safety
throughout our branch network and offices. As new businesses are acquired it is considered a priority to ensure that
they become fully compliant with the Travis Perkins’ health and safety systems and processes as quickly as possible.
Ultimate responsibility for health and safety lies with the chief executive. Health and safety is an agenda item at
board and executive meetings and accident frequency data is reviewed and action taken to minimise risk. Health and
safety reporting, monitoring and improvement is the responsibility of all managers and staff as we strive to make our
places of work and systems of work safe for employees, customers, suppliers and sub-contractors. Our fundamental
goals are embodied in the group policy, which is issued to every employee in the group.
TRA VIS PERKINS PLC
22
30%
20%
10%
0%
%
2001 2002 2003 2004 2004 Target
Particulate emissions filters
(Percentage of commercial fleet fitted)
8% 
16%
15%
17% 
25%  Measurement and reporting
Following the significant year-on-year improvements we reported last year, the challenge for 2004 has been to
maintain these high standards and ensure that our newly acquired businesses meet and then exceed them as soon 
as possible. Since 2001, our accident frequency rates have significantly reduced and during the first three quarters
of 2004, our year-on-year frequency rates were down.
At the close of 2004 our accident frequency rate was marginally up on 2003 (11 compared with just below 10 the
previous year). However, our accident severity rate continues to be managed below 0.10, in line with 2003. There
were no prosecutions and no fatalities in 2004.
Continuous improvement
W e continue to invest heavily in health and safety training delivering many programmes designed to improve health
and safety awareness, skills and knowledge. The following programmes are now commonplace throughout the group:
 Health and safety induction;
 Risk awareness and manual handling training;
 Health and safety awareness for managers;
 Mobile plant training;
 LGV driver training;
 First aider training;
 Fire warden training.
TRA VIS PERKINS PLC
23
Accident frequency rates
2002 - 2004
16.00
15.00
14.00
13.00
12.00
11.00
10.00
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Cumulative Frequency Rate
2001/2002
2002/2003
2003/2004 Communication and consultation continues to be a high priority, with branch based health and
safety committee meetings taking place three times a year and the company health, safety and
environment committee meeting six times a year. These meetings ensure that we fully consult with
and involve our workforce in health and safety initiatives.
During 2004, we conducted two extensive audits of health and safety practice. One was our
internal health and safety audit, which enables every branch in our network to produce a health
and safety action plan for the year. In addition our Lead Authority (Northampton Borough Council),
carried out a detailed review of our health and safety practices producing a safety management
review together with recommendations for improvement. The outputs of these audits together with
a detailed analysis of ‘accident causations’ will form the basis of our health and safety action plan
for 2005 and beyond.
Occupational health initiatives are reported in the Employees section on page 27.
Suppliers
Quality
W e recognise our responsibilities for the quality of those materials which we distribute. Suppliers
are required to provide products of a specified standard, by reference, where applicable, to
nationally or internationally recognised criteria, and accompanied, where appropriate, by guidance
for their use. Information on timber sourcing is provided within the environmental report.
Welfare issues in the supply chain
During 2003 the group instituted a system for checking suppliers’ compliance with our
employment practice and our health and safety expectations and in 2004, this was further
developed. In August 2004, we wrote to 268 suppliers, representing around 88 per cent of 
supplied product.
TRA VIS PERKINS PLC
24
Bath panels
Bathroom 
cabinets
Baths
Boilers
Copper cylinders
Copper tube
Electric showers
Flooring
Heated towel 
rails
Plumbing 
fittings
Radiator valves
Shower 
enclosures
Shower pumps
Shower trays
Taps
Toilets
Vertical
radiators
Wall tiles
Washbasins
Waste fittings TRA VIS PERKINS PLC
25
The refurbished en suite bathroom
A typical branch bathroom display Based on responses received we have categorised our suppliers as follows:
Risk rating Response type Number Comment
Low Employment (including key 180 Two suppliers advised that they currently have
sub-suppliers) is wholly workers whose contractual hours exceed normal 
within the EU/OECD. expectations. With this exception, all could confirm
full compliance with our employment and our
health and safety expectations.
Medium There is employment outside 49 All suppliers in this category confirmed full 
the EU/OECD and monitoring compliance with our employment and our health 
systems are in place. and safety expectations.
High There is employment outside 7
the EU/OECD and monitoring 
systems are not in place.
There is employment outside 8
the EU/OECD and compliance 
cannot be confirmed. 
Non-respondents and 24 Efforts are being made to obtain responses.
incomplete responses. 
It is the group’s intention to follow up on high-risk suppliers during 2005 and repeat the survey during 2006. 
Proposed new suppliers will be assessed against our employment practice and health and safety expectations.
The supplier survey is supplemented by regular visits to manufacturing premises. 
TRA VIS PERKINS PLC
26 Employees
Our employment policies have been designed to meet the needs of our business, and follow best practice, whilst
complying with both current and anticipated legislation. Applied consistently throughout the group they provide a
fair framework within which our employees work:
 The group is firmly committed to ensuring that the manner in which it employs staff is fair and
equitable. Our equal opportunities policy is designed to ensure that no person or group of
individuals will be treated less favourably because of their race, colour, ethnic origin, gender or
sexual orientation, age or disability;
 Our commitment to training and development at all levels of the organisation gives our employees
the opportunity to realise their full potential;
 W e have in place an annual performance review process which enables:
 A better understanding of what is expected of staff;
 Recognition of achievement;
 The opportunity for development and career progression;
 Effective succession planning;
 A sound basis for ongoing performance management.
 W e regularly consult with our workforce. Throughout our branch network, staff meet with
management on a formal basis to consult over matters such as health and safety and customer
service. W e also distribute a number of company newsletters and encourage wide use of our
intranet, both providing valuable information and inviting feedback. Employees are regularly
informed of the group’s financial results and the market conditions in which it operates and are
consulted regarding any changes in employment conditions. To encourage the involvement of
employees in the company’s performance, the company operates a Save As Y ou Earn option
scheme. In addition, the directors, managers and many other employees are members of
discretionary bonus schemes;
 Labour turnover and absenteeism are key performance indicators for our business. With a labour
turnover of 28 per cent, we continue to perform strongly compared with employers in comparable
sectors. Retention remains strong in all management positions, where labour turnover is less than
10 per cent. W e continue to solicit feedback from all leavers and review the data on a regular basis,
and return to work interviews are conducted for employees who have been absent from work
through ill health;
 An increased focus on occupational health in 2004 has seen the introduction of a drugs and alcohol
policy, an employee assistance programme (for stress and other employee problems) and enhanced
health screening for managers. W e have also introduced medical assessments for all employees who
have more than five days absence following a work related accident.
TRA VIS PERKINS PLC
27 There is a commitment at board level to ensure that employees and management are effectively inducted into the
company and given the necessary training to fulfil their roles and to develop their full capabilities. Particular
emphasis is placed on customer service, health and safety and youth training. Our investment in management
development at all levels has increased during the year and programmes are in place with the principal aims of
ensuring consistent standards of management practice across the group and strong succession into senior
appointments. Management retention is a critical factor in our ongoing success and it was pleasing to see that
retention of our managers continued to be strong in 2004.
Community involvement
With 751 branches (before the acquisition of Wickes) in a wide variety of locations throughout Great Britain, 
we recognise our role in, and responsibilities towards, the community. Our branches are encouraged to support 
their local community through involvement in local affairs, such as sponsoring organisations or donating materials 
to projects.
The group raised a total of more than £440,000 for charities during the year. At a national level, we support two
particular charities, the NSPCC and MacMillan Cancer Relief. The Charity Committee is chaired by the company
chairman. During the course of the year, our staff take part in a variety of activities to support our chosen charities.
These activities encourage donations from customers and suppliers as well as our own workforce. Included above 
are direct donations made by the company to these and other charities which, in the year amounted to £124,534
(2003: £105,310). In addition, we operate a payroll giving scheme through which staff donated £18,147 
(2003: £19,833) to charity during the year.
TRA VIS PERKINS PLC
28 TRA VIS PERKINS PLC
29
Sport sponsorship and charity support
Travis Perkins has been the main sponsor
of Northampton Saints rugby club for the
last four years.
Travis Perkins also sponsor the European
Senior Masters golf tournament at
W entworth, and the UK Snooker
Championship at Y ork.
The company, staff, suppliers and customers continue to support
NSPCC and Macmillan Nurses. TRA VIS PERKINS PLC
30
Directors and professional advisers
Chairman
Tim Stevenson O.B.E. (aged 56) 
joined the board in September 2001 and became
chairman on 1 November 2001. He is a barrister and
held a number of senior positions in Burmah Castrol
plc between 1975 and 2000, including chief executive
from 1998. He is also a non-executive director 
of National Express plc. He is chairman of the
Nominations Committee and a member of the
Remuneration Committee.
Chief executive
Geoff Cooper (aged 50)
joined the company in February 2005 and succeeded
Frank McKay as chief executive on 1 March 2005. 
He is a chartered management accountant and worked
in management consultancy before joining Gateway
(now Somerfield plc) as finance director in 1990. 
In 1994 he became finance director of Alliance
UniChem Plc, where he was appointed deputy 
chief executive in 2001.
Finance director
Paul Hampden Smith (aged 44) 
qualified as a chartered accountant in 1985 and joined
Sandell Perkins in 1988. Following the merger with
Travis & Arnold, he was appointed regional finance
director. In 1992, he became finance director of 
Travis Perkins Trading Company Limited and was
appointed finance director of Travis Perkins plc in 1996.
He is a non-executive director of DX Services plc.
Chief operating officer
John Carter (aged 43) 
joined Sandell Perkins as a management trainee in
1978. Having held posts as regional sales director 
and regional managing director for London, he was
appointed as managing director, operations in 1996,
and became a director of Travis Perkins plc in July 2001.
He was appointed chief operating officer on completion
of the acquisition of Wickes in February 2005. TRA VIS PERKINS PLC
Non-executive director
Chris Bunker (aged 58) 
was appointed as a non-
executive director in January
2004. He is a chartered
management accountant and
was finance director of Thames
W ater plc, now a division of
RWE A.G. from 2000 until
March 2004. He was previously
finance director of Tarmac PLC
and W estland Group PLC. He
is a non-executive director of
Mowlem plc and D S Smith Plc.
He is chairman of the Audit
Committee and a member of 
the Nominations Committee.
Non-executive director
Michael Dearden (aged 62) 
was appointed as a non-
executive director in November
2000. He held a number of
senior posts with Burmah
Castrol plc from 1980 until his
retirement at the end of 2000.
He was a member of the group
board from 1995 most recently
as chief executive of Castrol
International. He is chairman
of Minova International Limited
and a non-executive director 
of Johnson Matthey plc and 
of The W eir Group plc. He is 
a member of the Audit and
Remuneration Committees.
Non-executive director
Ted Adams (aged 64) 
retired as managing director 
of Travis Perkins plc on 
31 December 1999. He became
a non-executive director in 
July 2000 and is a member 
of the Audit and Nominations
Committees. He is also
chairman of the company’s
principal pension trusts. 
He will retire from the board 
in December 2005.
Non-executive director
John Coleman (aged 52) 
was appointed as a non-
executive director on 
10 February 2005. He is 
a chartered management
accountant and has been 
chief executive of House of
Fraser plc since 1996. He 
was previously chief executive
of Texas Homecare and of a
number of businesses within
Burton Group PLC.
Non-executive director
Peter Maydon (aged 63) 
was appointed to the board as a
non-executive director in 1998.
He joined Reckitt & Colman in
1963 where he was appointed
an executive director in 1980.
On his retirement from that
company in 1997, he was group
director responsible for global
supply. He is a non-executive
director of MGM Assurance. 
He is the senior non-executive
director, chairman of the
Remuneration Committee, and 
a member of the Nominations
Committee. He will retire from
the board in December 2005.
Secretary A. S. Pike
Audit committee
C. J. Bunker (chairman),
E. C. Adams, 
M. B. Dearden
Remuneration committee
P . J. Maydon (chairman), 
M. B. Dearden, 
T. E. P . Stevenson 
Nominations committee
T. E. P . Stevenson (chairman), 
E. C. Adams, C. J. Bunker, 
P . J. Maydon
Registrars Capita Registrars,
The Registry, 
34 Beckenham Road,
Beckenham, Kent, BR3 4TU
Investment Bankers 
HSBC Bank plc
Corporate Brokers 
HSBC Bank plc
Bankers Royal Bank of
Scotland plc; Barclays Bank plc
Solicitors Clifford Chance LLP ,
London; Hewitsons,
Northampton; Linklaters,
London 
Auditors Deloitte & Touche
LLP , Nottingham
31 Combined code
In June 1998, the Combined Code on Corporate Governance was issued by the London Stock Exchange, and this was
revised in July 2003 (“the Code”). Section 1 of the Code is applicable to companies. A statement on how the company
has applied the principles and a statement explaining the extent to which it has complied with the provisions of 
the Code appear below. The Code contains fourteen principles of governance, which are divided into the following
four areas:
1. Directors
The company is controlled through a board of directors, which presently comprises three executive and six 
non-executive directors. Tim Stevenson is chairman and Geoff Cooper is chief executive. Peter Maydon is the 
senior independent non-executive director. Chris Bunker, John Coleman, and Michael Dearden are also independent
non-executive directors. Ted Adams is not considered to be an independent non-executive director in view of his
previous executive positions. The board strongly believes that shareholders derive considerable benefit from the
presence on the board of Ted Adams who has many years experience of the builders merchant sector and of the
company and its business and culture. Nevertheless, he intends to retire from the board in December 2005, at the
end of his second three year term. Appointments of new directors are made by the board on the recommendation of
the Nominations Committee. All directors will submit themselves for re-election at least every three years. 
The board has a formal schedule of matters reserved to it and meets at least ten times a year. It is responsible 
for overall group strategy, policy on corporate governance issues, acquisition policy, approval of major capital
expenditure and consideration of significant financial and operational matters. It monitors the exposure to key
business risks and reviews the strategic direction of the trading subsidiaries, their annual budgets and progress
towards the achievement of those budgets and their capital expenditure programmes. It also considers legislative,
environmental, health and safety and employment issues. The board has approved a written statement of the division
of key responsibilities between the chairman and the chief executive.
The chairman leads the board, ensuring that each director is able to make an effective contribution. He also monitors
the information provided to the board to ensure it is sufficient, timely and clear, and from time to time the board
reviews the adequacy of this information.
The board held fourteen meetings during 2004, all of which were attended by all directors. Four meetings dealt with
consideration of the company’s long-term strategy and with specific acquisition opportunities, and three meetings
were either combined with visits to parts of the company’s operations or included presentations by senior executives
on their areas of responsibility. Individual visits to operational sites by non-executive directors also occurred. In
addition to the regular board meetings, key financial information is circulated to directors outside of meetings. The
chairman has regular direct contact with the executive directors and keeps the non-executive directors informed of
material developments between board meetings.
All directors have direct access to the company secretary and are able to take independent professional advice in
the furtherance of their duties if necessary. The company maintains directors & officers’ insurance in respect of the
risk of claims against directors.
TRA VIS PERKINS PLC
32
Corporate governance
For the year ended 31 December 2004 The chairman held three meetings during the year with the non-executive directors, without the executive directors
being present. The senior independent director held two meetings during the year with the other directors, without
the chairman being present, to review the chairman’s performance, as described in more detail below.
The board has adopted an induction process for new directors and this is facilitated by the company secretary. The
chairman ensures that all directors receive appropriate training on appointment and then subsequently as needed,
taking into account their need to update their skills and their knowledge of the company’s business. 
The board has established three standing committees, the Audit Committee, the Remuneration Committee and the
Nominations Committee, which operate within defined terms of reference. Details are available on the company’s
website or may be obtained from the company secretary. The minutes of committee meetings are available to all the
directors. During the year, the Remuneration Committee met eleven times, the Nominations Committee three times,
and the Audit Committee three times. All committee meetings were attended by all members of the relevant
committee, except that Tim Stevenson did not attend a Remuneration Committee meeting on 17 December as he was
chairing a presentation to institutional investors about the Wickes acquisition. The reports of the Audit Committee,
Remuneration Committee, and the Nominations Committee are on pages 36 to 38, 39 to 47 and 48 respectively.
During the year the board undertook an evaluation of its performance and the performance of its committees and 
the individual directors. The process took the form of interviews by the chairman (except in regard to his own
performance) with each other director and the company secretary separately, focussing on a number of statements
about the operation of the board, its committees and each director. These interviews formed the basis of a report 
by the chairman that was the subject of a discussion by the board and the committees. The chairman also gave
individual feedback to each director on his own performance. The board was satisfied that the process showed 
that the board and its committees worked effectively. Nevertheless, the board and the committees agreed a number
of measures aimed at further enhancing their performance, in particular in the following areas: 
 Improved identification of training needs;
 Need for continued focus on long-term strategy;
 Establishment of corporate values;
 Continued refinement of risk management procedures;
 Establishment of annual business plan for Remuneration Committee work;
 Long term consideration of board composition by the Nominations Committee;
 Improved monitoring of effectiveness of internal audit by the Audit Committee.
In addition, during the year, the senior independent director led a process for appraisal of the performance of the
chairman. Each director responded to a questionnaire relating to aspects of the chairman’s role, and the responses
were the subject of a discussion between the senior independent director and the other directors without the
chairman being present. The senior independent director subsequently reported to the full board. A board evaluation
process will be carried out in 2005. 
TRA VIS PERKINS PLC
33 2. Directors’ remuneration 
The Remuneration Committee consists of the chairman and two independent non-executive directors, and meets at
least four times a year. Its responsibilities include a review of the performance of executive directors and other senior
executives prior to determining their remuneration. The remuneration of the non-executive directors is determined
by the board of directors as a whole. No director plays a part in the discussion about his own remuneration. 
The Remuneration Report is set out on pages 39 to 47.
3. Accountability and audit 
A review of the performance of the group’s trading subsidiaries and the financial position of the group is included in
the chief executive’s review and in the finance director’s report set out on pages 6 to 16. The board uses them,
together with the chairman’s statement on pages 4 and 5, to present a full assessment of the company’s position and
prospects. The directors’ responsibilities for the financial statements are described on page 54.
INTERNAL CONTROL
The board of directors is responsible for the group’s system of internal control and for reviewing its effectiveness. In
designing the system of internal control, consideration is given to the significant risks to the business, the probability
of these risks manifesting themselves and the overall cost of controlling them. The system is designed to manage
rather than eliminate the risk of failing to achieve business objectives and therefore can only provide reasonable, and
not absolute, assurance against material misstatement or loss.
The implementation and day-to-day operation of the system of internal controls has been delegated to executive
directors and senior management, but the effectiveness of the system is regularly reviewed by the board in a process
that accords with the Turnbull Report. As part of its corporate governance procedures, the board has received regular
reports on specific areas of risk. If appropriate, these reports include recommendations for improvement in controls
or for the management of those risks. Furthermore, steps continue to be taken to integrate risk management
procedures into the group’s operations, to extend awareness of the importance of the management of risk and to
ensure that recommended improvements brought to the attention of the board are implemented. In conjunction with
the Audit Committee, the board has carried out an annual review of the overall effectiveness of the system of internal
control and risk management procedures, during the year and up until the date of approval of the annual report.
AUDIT COMMITTEE AND AUDITORS
The report of the Audit Committee is set out on pages 36 to 38.
4. Relations with shareholders
The company encourages two-way communication with both its institutional and private investors and responds
promptly to all enquiries received orally or in writing. During the year the chairman, chief executive and the finance
director, either separately or together, attended a number of meetings with analysts, and with shareholders
representing circa 74 per cent of the issued share capital. The senior independent director also attended a number
of such meetings in 2004. The chairman, chief executive and finance director report fully to the board on any
meetings with shareholders or analysts. In addition, written reports about the company by analysts or brokers are
circulated to all directors.
As well as sending annual and interim reports to shareholders, the company normally issues an annual trading
statement in early January. All shareholders receive at least twenty working days notice of the Annual General
meeting at which all directors are available for questions and a short business presentation takes place. Each
substantive issue is the subject of a separate resolution. The numbers of proxy votes for and against each resolution
are announced at the meeting, after the voting has taken place.
TRA VIS PERKINS PLC
34 Going concern
After making enquiries, the directors have formed a judgement at the time of approving the financial statements that
there is a reasonable expectation that the company and the group have adequate resources to continue in operational
existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the
financial statements.
Corporate governance compliance statement
The company is pleased to report that it has complied throughout the year ended 31 December 2004 with the
provisions set out in Section 1 of the Code, except:
A3.2 Independent non-executive directors did not account for at least half of the board membership. The board’s
position in relation to Ted Adams is explained on page 32. The board considers the present make-up of the
board, which consists of the chairman, five non-executive directors, four of whom are independent, and three
executive directors, provides an appropriate blend of skills and experience. However, it will review the
matter further during 2005, prior to the retirements of Ted Adams and Peter Maydon in December 2005. 
B2.1 The Remuneration Committee did not consist wholly of independent non-executive directors as the chairman
is one of its members. The board considers it to be very important that the chairman is closely involved in
the establishment and application of the company’s remuneration policy.
C3.1 The Audit Committee did not consist wholly of independent non-executive directors. The board’s position on
this matter is explained on page 36.
TRA VIS PERKINS PLC
35 Role of the audit committee
The Audit Committee is responsible for:
 Monitoring the integrity of the financial statements of the company and any formal announcements
relating to the company’s financial performance, and reviewing significant financial reporting
judgements contained therein;
 Reviewing the company’s internal financial controls and, unless expressly addressed by the board
itself, the company’s internal control and risk management systems;
 Monitoring and reviewing the effectiveness of the company’s internal audit function;
 Making recommendations to the board, for a resolution to be put to the shareholders for their
approval in general meeting, in relation to the appointment of the external auditors and the approval
of the remuneration and terms of engagement of the external auditors;
 Reviewing and monitoring the external auditors’ independence and objectivity and the
effectiveness of the audit process, taking into consideration relevant UK professional and
regulatory requirements;
 Developing and implementing a policy on the engagement of the external auditors to supply non-
audit services, taking into account relevant guidance regarding the provision of non-audit services
by the external audit firm.
The Audit Committee is required to report its findings to the board, identifying any matters in respect of which it
considers that action or improvement is needed, and make recommendations as to the steps to be taken.
Composition of the audit committee
Michael Dearden chaired the Audit Committee until 29 April 2004, when he was succeeded as chairman by 
Chris Bunker who had joined the committee on 12 February 2004. Michael Dearden and Ted Adams were members
of the committee throughout the year, and Peter Maydon also served on the committee until 1 March 2004. 
All members of the committee, with the exception of Ted Adams are considered to be independent. As explained on
page 32, the board believes that shareholders benefit from Ted Adams’ experience of the builders merchant sector
and of the company, and that this applies to his work on the Audit Committee. He is also a chartered accountant.
The group company secretary, Andrew Pike, is appointed secretary to the Audit Committee.
Meetings and attendance
The committee met three times during 2004 to consider inter alia, the annual results, the interim results and the
independence, objectivity and re-appointment of the Auditors. Internal financial control systems were also
considered at each meeting. The chairman of the committee also invited the group chairman, the group finance
director, the group financial controller, the head of internal audit and the external auditors to attend each meeting,
and the managing director, operations, also attended one meeting.
TRA VIS PERKINS PLC
36
Audit committee report
For the year ended 31 December 2004 During each meeting the external auditors were given the opportunity to talk with the committee without the presence
of management. The committee chairman held two meetings with the head of internal audit and two meetings with
the external auditors in 2004, without management being present.
Main activities of the committee during the year
At its meeting in March, the committee reviewed the annual financial statements of the company and received reports
from the internal auditors on control matters and from the external auditors on the conduct of their audit, their review
of accounting policies, areas of judgement and the financial statements and their comments on statements concerning
risk and internal control. A similar review was undertaken at its August meeting when the interim statements 
were considered. 
At these meetings, and at its meeting in November, the committee also dealt with the following particular matters:
 It reviewed the role of the internal audit department and recommended to the board new terms of
reference for that department;
 It reviewed the processes of the internal audit department and its effectiveness, and made
recommendations for training;
 It reviewed the company’s risk control processes and made recommendations to the board for
refining and strengthening those processes;
 It reviewed the policy on engagement of the external auditors for non-audit work, as referred to
below;
 It established policies on the appointment and removal of internal and external auditors, and on the
engagement of staff formerly employed by the external auditors;
 It reviewed the plans presented by the external auditors for conduct of the year-end audit;
 It reviewed the company’s transition plans and preparations for the introduction of International
Accounting Standards together with other emerging new regulations.
External auditors
The company places great importance on the effectiveness and independence of its external auditors and together
with them is careful to ensure their objectivity is not compromised. At its November meeting, the auditors presented
to the committee their plans for the forthcoming audit together with details of their proposed fees and how they ensure
that their objectivity and independence are not compromised. 
It is the role of the committee to ensure compliance with the board’s policy in respect of services provided by, and
fees paid to, the auditors. Audit fees are negotiated by the finance director and approved by the Audit Committee.
For other services that may be provided by the auditors, the company’s policy is:
Audit related services – The auditors are invited by the company to undertake those services that they are
required to and are most suited to perform. Such work would include certification 
in respect of borrowings, stock exchange related reporting and where appropriate,
assistance with acquisitions.
TRA VIS PERKINS PLC
37 Taxation – The external auditors assist the group to meet general tax compliance requirements as
well as providing advice on acquisitions and tax planning. Should opportunities arise for
them to advise on special tax projects, their suitability is assessed at the time to ensure
it would not compromise their audit independence, with the work being tendered where
appropriate.
Consulting – To avoid any possible conflict of interest the group’s policy is not to employ its auditors
for general consulting work.
Following its November 2004 meeting, the committee recommended to the board that a resolution be put to
shareholders at the Annual General Meeting for the re-appointment of the external auditors, and to authorise the
directors to fix their remuneration.
Internal audit
As well as its reviews of the internal audit department’s role and processes, as described on page 37, during its
meetings in 2004, the committee received presentations from the head of internal audit about the results of work
undertaken by the department, and its plans for work in 2005.
Overview
As a result of its work during the year, the Audit Committee has concluded that it has acted in accordance with its
terms of reference and has ensured the independence and objectivity of the external auditors. 
The chairman of the Audit Committee will be available at the Annual General Meeting to answer any questions about
the work of the committee.
C. J. Bunker  Chairman, Audit Committee
4 March 2005
TRA VIS PERKINS PLC
38 Introduction
This report sets out the company’s remuneration policies for its directors and senior executives and describes how
those policies are applied in practice. The directors confirm that this report has been drawn up in accordance with
the requirements of Schedule 7A of the Companies Act 1985 (“the Schedule”) and the 2003 Combined Code on
Corporate Governance (“the Code”). As required by the Schedule, a resolution to approve the report will be proposed
at the Annual General Meeting.
Unaudited information
Remuneration committee
The committee was established in July 2003, having previously been a combined Remuneration and Nominations
Committee. Its principal roles are to establish the company’s policy on executive directors’ and senior executives’
remuneration, to determine the remuneration packages for each of the executive directors, and to review with the
chief executive the remuneration packages for other senior executives. It is required to give due regard to the best
practice provisions contained in the Code.
The committee members are Peter Maydon (chairman) together with Michael Dearden and Tim Stevenson. These
directors are non-executive and have no day-to-day involvement in the running of the business, no financial interest
in the business (except as shareholders) and no conflicts of interest arising from other directorships. The committee
has been advised on remuneration matters by three independent external consultants engaged by it, namely, Mercer
Human Resources Consulting, Hay Group and New Bridge Street Consultants. In addition, Andrew Pike, (the
company secretary) and Rob Tansey, (the group human resources director) have advised the committee from time 
to time as requested, but never in respect of their own remuneration. 
Policy on executive directors’ remuneration
The company’s policy on executive remuneration is to ensure that it has an appropriate mix of fixed and variable pay
over the short and long term, to attract and retain high quality executives with an appropriate blend of skills and
experience. The committee consults with the chief executive on the remuneration of the other executive directors and
senior executives. It aims to reward executives in line with the median of the top 250 companies in the FTSE All
Share index and of a selected comparator group. The committee believes this will enable the company to recruit 
and retain staff of high quality, contributing to the delivery of long-term shareholder value. As a consequence the
company’s focus is on the following elements of the remuneration package:
 Basic salary: to remain competitive in the labour market;
 Annual bonus payment: to provide additional ‘short term’ remuneration which directly reflects
company performance during the year; 
 Long term incentive scheme: the Share Matching Scheme, approved by shareholders in 2004,
gives executives the opportunity to receive part of their annual bonus in the form of shares, the final
number of which depends on company performance;
 Share options: through the regular grant of options to reward outstanding business performance
over the longer term;
 Pension arrangements: to enable executives to make appropriate provision for retirement. 
TRA VIS PERKINS PLC
39
Remuneration report
For the year ended 31 December 2004 A significant proportion of a director’s total remuneration package is variable being subject to the achievement 
of specified business objectives. It is the committee’s intention to continue with this policy, and in applying it the
committee has taken account of the provisions of Schedule A of the Code.
Basic salary
A director’s basic salary is generally determined by the Remuneration Committee annually and when an individual
changes role. Salaries are normally reviewed in November each year, with increases taking effect from 1 January in
the following year. In the case of the four executive directors, with effect from 1 February 2005 in the case of 
Geoff Cooper and 1 January 2005 in the other cases, their annual salaries are:
J. P . Carter £300,000 P . N. Hampden Smith £300,000 
G. I. Cooper £450,000 F. J. McKay £510,000  (retiring from the board on 14 March 2005)
In 2005, the committee intends to review the salaries of the executive directors and other senior executives to ensure
that they remain competitive, following significant expansion of the group through the acquisition of Wickes.
Annual bonus payments
The committee establishes the objectives that must be met if a cash payment is to be made. It believes that any
annual bonus award should be related to the interests of the company’s shareholders and that the principal measure
of those interests is shareholder value. Hence, bonus payments for all executive directors have previously been based
on a formula related to the level of net earnings per share achieved by the group. 
In 2004, maximum bonus of 55 per cent of salary was earned, which reflected earnings per share growth well in
excess of the target of 105 per cent of budget, at which maximum bonus was payable. 
In 2005, bonus payments will be based both on the level of net earnings per share growth and the extent to which
the company’s net debt is reduced. The measure of net debt reduction is a new component and reflects the company’s
wish to reduce the debt incurred for the Wickes acquisition as quickly as possible. The committee will review the
amount of capital expenditure incurred over the year compared to budget, before determining the amount of any
bonus payable relating to debt reduction. The maximum bonus payable in cash has been raised from 55 per cent of
base salary to 75 per cent, to reflect the new element relating to debt reduction for which up to 30 per cent of salary
will be paid. Taking the two elements together, a bonus of 36 per cent of salary will be payable on achievement of
budget, with maximum bonus payable on achieving 103 per cent of budget in respect of earnings per share and an
improvement over budget in net debt reduction of £37.5 million. Based on external advice, the committee considers
this increased annual bonus opportunity to be in line with market practice for businesses of the size of the company
following the Wickes acquisition. It has also taken into account the stretching budgets which have been set for 2005
against a background of strong historic performance. In addition, under the Share Matching Scheme, the percentage
of salary that can potentially be earned by executive directors under the annual bonus arrangements rises to 101 per
cent, but for awards in 2005, more stretching performance targets will be adopted than those described to
shareholders when the scheme was approved in 2004 (see Long Term Incentive section on page 41). 
In December 2004, the committee decided that Frank McKay should be eligible for an additional bonus of £100,000
in 2005 in consideration for effecting an orderly transfer of responsibilities to Geoff Cooper, who joined the company
on 1 February 2005, preparatory to becoming chief executive on 1 March 2005. Frank McKay’s contractual
retirement date is October 2005, in keeping with the normal retirement for executive directors on reaching age 60.
To ensure an orderly succession, the Nominations Committee commenced the search for a new chief executive early,
in June 2004. Having reached agreement in principle with Geoff Cooper that he would succeed Frank McKay, the
committee initially agreed that this would occur in summer 2005, with a short handover period. However, this
timetable was necessarily brought forward following the decision to acquire Wickes, which represented a major
strategic step for the company. The Nominations Committee judged that, at this very important point in the company’s
history, it was crucial that the new chief executive assumed responsibility for the business as soon as possible, and
TRA VIS PERKINS PLC
40 this required that Frank McKay be asked to relinquish his post much sooner than either he or the company initially
had intended. Nevertheless, the board wished to retain the skills and commitment of Frank McKay, to aid the
integration of Wickes and to achieve a seamless handover of responsibility to Geoff Cooper of all aspects of the
enlarged business. Discussions about a structure that would best achieve these objectives resulted in an arrangement
being agreed with Frank McKay which included the additional bonus opportunity of £100,000.
Long term incentive scheme
In 2004, shareholders approved the introduction, for the most senior executives, of a Share Matching Scheme, to
complement the annual bonus scheme. Under this scheme, executives receive shares in the company of a value up
to 35 per cent of their annual cash bonus (“Deferred Shares”). These shares are to be held in trust for three years.
Executives also have the opportunity to invest up to 35 per cent of annual salary in the company’s shares,
(“Investment Shares”) using the proceeds of their annual cash bonus. After 3 years, subject to satisfaction of a
performance criterion linked to the earnings per share of the company, executives might receive a further award of
shares, (“Matching Shares”). It is expected that the first awards under the scheme will be made in Spring 2005.
The performance criterion which will apply to determine the number of Matching Shares which executives will
receive will be such that they will receive 1 Matching Share for every 3 Deferred Shares and for every 3 Investment
Shares respectively if the growth in the company’s earnings per share over the three year performance period exceeds
inflation by 12 per cent. In the description of the scheme given to the shareholders in 2004, if the growth in the
company’s earnings per share over the three year performance period exceeds inflation by 24 per cent then the
executives will receive 1 Matching Share for every Deferred Share and for every Investment Share respectively.
Between 12 per cent and 24 per cent the number of Matching Shares received will be determined on a straight-line
basis. However, as a result of the Wickes acquisition, the Remuneration Committee has decided that the grant of
Matching Awards in 2005 will be subject to a more demanding earnings per share target. In order to receive the full
match, earnings per share will have to exceed inflation by 30 per cent, not 24 per cent, over the three-year
performance period. The committee regards the use of earnings per share as an appropriate performance measure
because (i) it is the company’s key internal financial measure, (ii) it is a measure to which executives can easily
relate, and (iii) it directly reflects the executive directors’ own performance.
Share options
For many years, the company has further motivated directors and senior executives through granting them share
options. The executive share option scheme adopted in 2001, which covers all executive directors and other senior
executives, provides for the grant of options on an annual basis, with a value limit up to twice basic salary. Options
are not granted at a discount to the market value. Currently, for all eligible executives, options may only be exercised
if the growth in the company’s earnings per share exceeds inflation by at least 9 per cent over a three-year period.
In the case of executive directors and certain other senior executives, achievement of this target will allow only 
50 per cent of options to be exercised. For all options to be exercisable, earnings per share growth must exceed
inflation by at least 15 per cent over the three-year period. Between 9 per cent and 15 per cent the number of options
exercisable is calculated on a straight-line basis. For options which are due to be granted to the executive directors
and senior executives in Spring 2005, the committee intends to impose more demanding earnings per share targets
so as to ensure that those targets remain challenging over the three-year performance period following the Wickes
acquisition. Twenty five per cent of those options may be exercised if the growth in the company’s earnings per share
exceeds inflation by at least 9 per cent over the performance period while exercise of the remainder of the options
will only be possible if the earnings per share growth exceeds inflation by 21 per cent over the performance period.
Between 9 per cent and 21 per cent the number of options exercisable will be calculated on a straight-line basis. 
The reasons for using earnings per share as a performance measure are described in the section above headed 
Long Term Incentive Scheme. 
The performance conditions for options granted between 2002 and 2003 may be retested for two years if they are not
satisfied at the end of the original three-year period. However, in 2004 the committee considered that this provision
was no longer in line with best practice and therefore options granted in 2004 and thereafter do not permit retesting
of the performance conditions.
TRA VIS PERKINS PLC
41 Under the 1995 executive share option scheme, options granted prior to 1998 were not subject to performance
conditions. Those granted between 1998 and 2000 are exercisable if the growth in the company’s earnings per share
exceeds inflation by at least 6 per cent over a three-year period. The committee considers these successive
arrangements were in line with market practice at the time the grants were made. 
In March 2005, the company issued shareholding guidelines to its most senior executives encouraging them to build
up a shareholding in the company over a five-year period. The target shareholding is 1x salary for the executive
directors and 0.5x salary for the other executives. While these guidelines are not mandatory, the committee has
reserved the right to take into account an individual’s position relative to the target, when making future awards
under the executive share option scheme or the share matching scheme.
The committee is monitoring carefully the impact of new International Accounting Standards on the valuation of
share options and share matching scheme awards, to ensure performance targets remain suitably stretching.
Pension arrangements
The general policy is for executive directors to be members of the company’s final salary pension scheme and to
accrue benefits at a rate of 1/30 of pensionable salary for each year’s pensionable service after appointment as a
director. In the case of John Carter and Paul Hampden Smith, the effective accrual rate is less than 1/30 due to their
potential length of service up to retirement age, so that their pension does not exceed two thirds of pensionable salary.
Normal retirement age is 60. As with all other members, executive directors’ dependants are eligible for dependants’
pensions and a payment of a lump sum in the event of death in service. Except in the case of Frank McKay, the
pension arrangements provide for a pension in retirement based on the directors’ length of service in the group
pension scheme and the average of the best three of the last ten years of pensionable salary. Frank McKay has been
guaranteed, on retirement at age 60, a pension of thirty per cent of his final pensionable salary including the pension
from a previous employment. This pension will be funded partly by the group scheme and partly by separate funded
and unfunded arrangements established for him. In the event that a director’s pension benefits are limited by the
Inland Revenue “earnings cap”, the general policy is to pay an age related annual salary supplement. Geoff Cooper
and Paul Hampden Smith receive such a salary supplement. 
For many years, bonus payments to executive directors and management formed a part of scheme members’
pensionable emoluments and both the company and the employee contributed a proportion of any such bonus to the
scheme funds. However, for pensionable service from 1 December 2004, pensionable salary for all members is basic
salary only.
There have been no changes in the basis of directors’ pension entitlements during the year. Except as described
above for Frank McKay, there are no unfunded pension commitments or similar arrangements for directors. 
The committee is considering the impact of changes in the taxation of pension arrangements at April 2006, which
are expected to affect some senior executives in the company. It has recognised that the company should not
compensate such executives for any additional tax for which they would be liable under the new arrangements, but
may consider making available alternatives to continued pension provision. During 2005, the committee will finalise
a policy in relation to these changes and communicate this to senior executives. The policy will be described in the
committee’s report in 2006.
TRA VIS PERKINS PLC
42 Service contracts 
The company’s policy for executive directors is to have contracts which are not for a fixed period, and which are
terminable on twelve months notice from the company, and six months from the director. It is not the policy to specify
what compensation would be payable on termination by the company. If such compensation was due, it would be
calculated by reference to the unexpired part of the notice period, and the director’s salary and other benefits,
including pension rights, taking due account of the director’s duty to mitigate his loss. Service contracts do not
specify any particular level of compensation in the event of termination following change of control of the company.
Each of the executive directors has a service contract, the date of which is shown below, which will be available for
inspection at the Annual General Meeting. 
Paul Hampden Smith 8 October 1996 Frank McKay 1 November 1999
John Carter 6 August 2001 Geoff Cooper 1 February 2005
Non-executive directors
The policy of the board is to recruit non-executive directors of the highest calibre, with a breadth of skills and
experience appropriate for the company’s business. Non-executive directors are appointed for a period of three years,
at the end of which the appointment may be renewed by mutual agreement. It is the board’s policy that non-executive
directors should serve for six years (two three year terms) and that any term beyond this should be subject to a
rigorous review. This review would take into account both the need for progressive refreshing of the board, and the
particular requirements of the company at the time of the possible extension. The remuneration of the non-executive
directors is determined by the board. Each non-executive director receives an annual fee. In addition Chris Bunker
and Peter Maydon receive an additional fee for chairing the Audit Committee and the Remuneration Committee,
respectively. Ted Adams receives an additional fee for chairing the company’s pension trusts. Non-executive
directors do not receive any other benefits and are not eligible to join a company pension scheme. No compensation
is payable on termination of their employment, which may be without notice from the company. They cannot
participate in any of the company’s share option schemes. Non-executive directors do not have a service contract,
but each has received a letter of appointment expiring on the following dates:
Peter Maydon December 2005 Ted Adams December 2005 Michael Dearden November 2006
Chris Bunker January 2007 Tim Stevenson September 2007 John Coleman February 2008
Total shareholder return
The company considers itself distinctive
in its sector, as there are no directly
comparable competitors in terms of size,
demographic spread or activities. The
company measures the performance of its
shares against the top 250 companies in
the FTSE All Share index, which it
considers the most appropriate
comparator group. The graph shows total
shareholder return for Travis Perkins’
shares over the last five years, relative to
that group of companies. Total
shareholder return is defined as a
combination of growth in the company’s
share price and dividends paid to shareholders. 
TRA VIS PERKINS PLC
43
Travis Perkins’ Total Shareholder Return
350%
300%
250%
200%
150%
100%
50%
0%
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04
Travis Perkins’ Total Shareholder Return
FTSE 1 - 250 Total Shareholder Return Directors’ shareholdings
The directors’ holdings of ordinary 10p shares of Travis Perkins plc at 31 December 2003 and 2004 were as follows:
2004 2003
Director Interest No. No.
T. E. P . Stevenson Beneficial owner 5,000 5,000
E. C. Adams Beneficial owner 103,749 103,749
C. J. Bunker Beneficial owner 2,000 –
J. P . Carter Beneficial owner 10,958 11,090
M. B. Dearden Beneficial owner 1,000 1,000
P . N. Hampden Smith Beneficial owner 6,008 4,419
P . J. Maydon Beneficial owner 1,000 1,000
F. J. McKay Beneficial owner 7,444 7,444
Details of directors’ share options are given on page 47. There have been no changes in the holdings of the directors
between 31 December 2004 and the date of this report.
Travis Perkins’ share price information
2004 2003
Mid-market price at 31 December 1,733.0p 1,278.0p
Highest mid-market price during the year 1,733.0p 1,366.0p
Average mid-market price during the year 1,387.1p 1,159.8p
Lowest mid-market price during the year 1,249.0p 921.0p
TRA VIS PERKINS PLC
44 Audited information
Amount of directors’ emoluments
Details of directors’ remuneration are set out in the table below.
Part of each executive director’s remuneration may consist of benefits in kind not payable in cash, such as the
provision of a company car, a fuel card, and private healthcare insurance. No director receives an expense allowance
which is chargeable to tax.
Basic Annual Benefits Gains on Total
salary bonus in kind share options remuneration
2004 2003 2004 2003 2004 2003 2004 2003 2004 2003
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Executive
J. P . Carter 265 200 146 110 20 19 235 – 666 329
P . N. Hampden Smith
1
351 311 151 138 10 10 – – 512 459
F. J. McKay
2
499 439 267 234 1 1 749 – 1,516 674
Non-executive
T. E. P . Stevenson 150 125 – – – – – – 150 125
E. C. Adams 37 37 – – – – – – 37 37
C. J. Bunker 35 – – – – – – – 35 –
M. B. Dearden 32 37 – – – – – – 32 37
C. M. Fisher
3
10 30 – – – – – – 10 30
P . J. Maydon 37 37 – – – – – – 37 37
1,416 1,216 564 482 31 30 984 – 2,995 1,728
1
Basic salary includes a £74,550 salary supplement (2003: £59,220) to enable Paul Hampden Smith to arrange pension provision for that part
of his salary, which is above the Inland Revenue approved limit. It also includes a £1,500 fuel allowance. Paul Hampden Smith also received,
and retained, in 2004 £13,920 in respect of his non-executive directorship of DX Services plc.
2
Highest paid director. Basic salary includes a £12,500 car allowance and a £1,500 fuel allowance. Frank McKay also received, and retained,
in 2004 remuneration of £22,453 (2003: £22,013) in respect of his non-executive directorship of Luxfer Holdings plc.
3
Retired 30 April 2004
Directors’ pension entitlements
Pension entitlements of the executive directors during the year were as follows:
J. P . Carter P . N. Hampden Smith F. J. McKay
Age at 31 December 2004 43 44 59
£’000 £’000 £’000
Accrued pension at 31 December 2003 110 26 57
Accrued pension at 31 December 2004 148 30 85
Increase in accrued pension in 2004 38 4 28
Real increase in accrued pension in 2004 35 2 27
Transfer value of the real increase in accrued pension 
net of member’s contributions 284 15 456
V alue of increase in accrued benefit 302 21 471
Member’s contributions towards pension 18 6 15
Increase in transfer value net of member’s contributions 454 58 594
Transfer value of benefits accrued at 31 December 2003 778 188 905
Transfer value of benefits accrued at 31 December 2004 1,250 252 1,514
The transfer values disclosed above do not represent a sum paid or payable to the individual director. Instead, they
represent a potential liability of the group pension scheme, and in the case of Frank McKay, the separate
arrangements previously described.
TRA VIS PERKINS PLC
45 Share options 
The following options over ordinary shares have been granted under the 1995 and the 2001 Executive Share Option
Schemes and the Travis Perkins Sharesave Schemes 1992 and 2002 and remained outstanding at 31 December 2004:
Executive share options
Outstanding at Granted Lapsed Exercised Outstanding at Exercise Exercise
1 January during during during 31 December price period
2004 year year year 2004
No. No. No. No. No.
992 – – (992) – 318.0p –
992 – – (992) – 348.5p –
32,500 – – (32,500) – 307.0p –
496 – – (496) – 364.5p –
496 – – (496) – 470.5p –
116,183 – – (60,222) 55,961 571.5p Anytime until 26/4/08
248 – – (248) – 458.0p –
992 – – (992) – 385.5p –
15,000 – – (1,480) 13,520 602.5p Anytime until 7/9/10
20,000 – – – 20,000 550.0p Anytime until 9/10/10
1,937,949 – (1,496,536) 441,413 756.0p Anytime until 3/7/11
320,122 – – (21,348) 298,774 1071.5p From 10/4/05 until 9/4/12
385,797 – (31,717) 354,080 1067.5p From 11/4/06 until 10/4/13
– 513,805 – (5,000) 508,805 1311.0p From 16/3/07 until 15/3/14
– 72,033 – – 72,033 1447.0p From 30/4/07 until 29/10/07
– 9,044 – – 9,044 1382.0p From 07/9/07 until 06/9/14
2,831,767 594,882 – (1,653,019) 1,773,630
The performance criteria for the exercise of executive share options are disclosed on pages 41 and 42 of the
remuneration report.
Sharesave options
Outstanding at Granted Lapsed Exercised Outstanding at Exercise Exercise
1 January during during during 31 December price period
2004 year year year 2004
No. No. No. No. No.
23,800 – (981) (22,819) – 412.5p –
289,945 – (2,346) (266,318) 21,281 511.0p Anytime until 31/5/05
12,403 – (867) (11,536) – 464.0p –
324,913 – (7,707) (4,063) 313,143 464.0p From 1/12/05 until 31/5/06
199,652 – (12,374) (171,810) 15,468 609.5p Anytime until 31/5/05
222,738 – (10,965) (647) 211,126 609.5p From 1/12/06 until 31/5/07
257,904 – (29,861) (899) 227,144 847.5p From 1/12/05 until 31/5/06
229,753 – (17,165) (263) 212,325 847.5p From 1/12/07 until 31/5/08
279,583 – (46,691) (745) 232,147 1079.0p From 1/12/06 until 31/5/07
178,345 – (20,373) (8) 157,964 1079.0p From 1/12/08 until 31/5/09
– 237,680 (1,093) – 236,587 1156.0p From 1/12/07 until 31/5/08
– 170,264 (485) – 169,779 1156.0p From 1/12/09 until 31/5/10
2,019,036 407,944 (150,908) (479,108) 1,796,964
TRA VIS PERKINS PLC
46 Directors’ share options included within the previous tables
Outstanding at Granted Exercised Outstanding at Exercise Exercise
1 January during during 31 December price period
2004 year year 2004
No. No. No. No.
J. P . Carter 39,351 – (39,351) – 756.0p –
29,398 – – 29,398 1071.5p From 10/4/05 until 9/4/12
4,090 – (4,090) – 412.5p –*
32,786 – – 32,786 1067.5p From 11/4/06 until 10/4/13
– 34,038 – 34,038 1311.0p From 16/3/07 until 15/3/14
854 – – 854 1079.0p From 01/12/06 until 31/05/07*
P . N. Hampden Smith 30,000 – – 30,000 571.5p Anytime until 26/4/08
39,351 – – 39,351 756.0p Anytime until 3/7/11
31,031 – – 31,031 1071.5p From 10/4/05 until 9/4/12
1,589 – (1,589) – 609.5p –
40,983 – 40,983 1067.5p From 11/4/06 until 10/4/13
– 36,708 – 36,708 1311.0p From 16/3/07 until 15/3/14
– 819 – 819 1156.0p From 01/12/07 until 31/05/08*
F. J. McKay 79,365 – (79,365) – 756.0p –
60,662 – – 60,662 1071.5p From 10/04/05 until 03/10/06
79,625 – – 79,625 1067.5p From 11/04/06 until 10/10/06
1,115 – – 1,115 847.5p From 04/10/05 until 03/04/06*
– 67,035 – 67,035 1447.0p From 30/04/07 until 29/10/07
470,200 138,600 (124,395) 484,405
* Sharesave options
No directors’ share options lapsed during the year.
At 31 December 2004, in addition to the directors, there were 271 employees (2003: 210) who had holdings of
executive share options and 3,199 employees (2003: 3,231) who were participating in the Sharesave Scheme.
Shareholders’ approval
The shareholders will be invited to approve the remuneration policy set out in this report at the Annual General
Meeting, at which the chairman of the committee will be available to answer any questions.
Approved by the board and signed on its behalf by:
P. J. Maydon  Chairman, Remuneration Committee
4 March 2005
TRA VIS PERKINS PLC
47 The Nominations Committee was established in July 2003, board appointments having previously been dealt with by
a combined Remuneration & Nominations Committee. Its principal role is to identify and nominate for board
approval, candidates to fill board vacancies as and when they arise. It is required to prepare a description of the role,
and capabilities required, for any appointment, and to maintain contact with major shareholders about appointments
to the board. It also reviews the induction process for newly appointed directors, reviews annually the time required
of non-executive directors, keeps the structure, size and composition of the board under review, and considers board
succession planning for both executive and non-executive directors. During the year, the committee members were
Tim Stevenson (chairman), together with Peter Maydon and, until April 2004, Charles Fisher. Peter Maydon is an
independent non-executive director. Charles Fisher retired from the board at the conclusion of the Annual General
Meeting, following which Ted Adams and Chris Bunker became members of the committee. Chris Bunker is an
independent non-executive director.
During the year, the committee formulated a recommendation to the board for the appointment of a chief executive
designate, to succeed Frank McKay who was due to retire in October 2005. Following this process, the appointment
of Geoff Cooper was announced on 9 December 2004 and he joined the company on 1 February 2005. A description
of the capabilities required for this appointment was agreed by the committee in consultation with the other directors.
Recruitment consultants, Egon Zehnder International, were engaged to assist the committee and a number of
candidates were identified by them, and interviewed by the committee and by other directors.
During the year, the committee also reviewed the balance of experience on the board, and recommended to the board
that a further non-executive director should be appointed, who was also a serving executive elsewhere. Recruitment
consultants, Ian Jones & Partners, assisted the committee in this process and a number of candidates were
interviewed by the committee and by other directors. As a result, John Coleman was appointed on 10 February 2005.
The chairman of the Nominations Committee will be available at the Annual General Meeting to answer any
questions about the work of the committee.
T. E. P. Stevenson  Chairman, Nominations Committee
4 March 2005
TRA VIS PERKINS PLC
48
Nominations committee report
For the year ended 31 December 2004 The directors present their annual report and audited accounts for the year ended 31 December 2004.
Principal activities 
Travis Perkins is one of the largest builders merchants and home improvement retailers in the U.K. The principal
activities of the group are the marketing and distribution of timber, building and plumbing and heating materials and
the hiring of tools to the building trade and industry generally and since the acquisition of Wickes, to the general
public, within the United Kingdom.
Review of group’s position, developments and future prospects 
A review of the group’s position, developments and future prospects is contained in the chairman’s statement on 
pages 4 and 5, the chief executive’s review on pages 6 to 10 and the finance director’s report on pages 12 to 16.
Results and dividends 
The group results and dividends for the year ended 31 December 2004 are set out on page 56. If approved, the final
dividend will be paid on 16 May 2005 to those shareholders on the register at the close of business on 22 April 2005.
Directors and their interests 
The names of the directors at 31 December 2004, together with their biographical details, are set out on pages 30 
and 31 (except for those of Frank McKay who is retiring from the board on 14 March 2005). All of those directors
held office throughout the year, except Geoff Cooper and John Coleman who were appointed on 1 February and 
10 February 2005, respectively. In accordance with the company’s Articles of Association, John Carter, 
Michael Dearden and Peter Maydon will retire by rotation and, being eligible, will offer themselves for re-election
at the forthcoming annual general meeting. John Carter has a rolling twelve month notice period in his service
contract. As non-executive directors, Michael Dearden and Peter Maydon do not have service contracts. In light of
the evaluation of their performance as a result of the process described on page 33, Tim Stevenson, chairman,
confirms on behalf of the board that both Michael Dearden and Peter Maydon continue to be effective in, and
committed to, their roles as non-executive directors.
In accordance with the company’s articles of association, John Coleman and Geoff Cooper, who have been appointed
as directors since the last annual general meeting, will retire at the forthcoming annual general meeting and will 
offer themselves for election. Geoff Cooper has a rolling twelve month notice period in his service contract. As a 
non-executive director, John Coleman does not have a service contract. 
None of the directors had an interest in any contract to which the company or any of its subsidiaries was a party
during the year.
The disclosable interests of directors at 31 December 2004, including holdings, if any, of wives and of children aged
under 18, were as detailed in the Remuneration Report on pages 45 and 47.
Substantial shareholders 
At 4 March 2005, the only substantial interests in the company’s issued share capital (representing 3 per cent or
more of such share capital) notified to the company were as follows:
Beneficial Non-Beneficial
No. % No. %
Aviva plc 5,192,638 4.31 – –
Barclays plc 6,433,127 5.33 3,480,611 2.89
Legal & General Group plc 3,914,569 3.25 – –
E. R. A. Travis 1,966,818 1.63 7,067,952 5.86
C. M. T. Travis 1,516,992 1.26 7,222,407 5.99
TRA VIS PERKINS PLC
49
Directors’ report
For the year ended 31 December 2004 Close company status 
The close company provisions of the Income and Corporation Taxes Act 1988 do not apply to the company.
Employees and charitable donations
Statements on these matters are contained in the corporate responsibility statement on pages 27 and 28.
Supplier payment policy 
The group’s policy is to pay all of its suppliers in accordance with established terms. Group trade creditors at 
31 December 2004 represent 47.8 days (31 December 2003: 48.6 days) of average purchases of goods and services.
The company has no trade creditors.
Annual general meeting special business
The annual general meeting of the company will be held at Lord’s Conference and Banqueting Centre, St John’s Wood
Road, London NW8 8QN on W ednesday 27 April 2005 at 11.45 a.m. The following items are to be proposed at the
forthcoming annual general meeting as items of special business.
Resolution 9: report of remuneration committee
In accordance with the Directors’ Remuneration Report Regulations 2002, this resolution seeks shareholders’
approval of the report of the Remuneration Committee set out on pages 39 to 47.
Resolution 10: renewal of authority to allot shares
Under the Companies Act 1985 the board is not able to allot shares except with the general or specific authority of
shareholders. Resolution 10 renews the board’s authority to issue share capital up to an aggregate nominal amount
of 1,439,526 (being the lesser of the company’s authorised but unissued share capital and one third of its issued share
capital). This represents 11.94 per cent of the issued ordinary share capital of the company as at 4 March 2005. The
authority extends until the earlier of the conclusion of the next annual general meeting and the date fifteen months
from the passing of this resolution. The board does not have any present intention of exercising this authority other
than for the purposes of the company’s employee share option schemes. The company does not hold any treasury
shares as at 4 March 2005.
Resolution 11: limited authority to allot shares for cash
The Companies Act 1985 provides that, when equity securities are being issued for cash, such securities must first
be offered pro-rata to existing shareholders unless the board is given power to allot them without regard to that
requirement. Resolution 11 therefore empowers the board to allot for cash, equity securities of a nominal amount not
exceeding 404,535 (representing 3.35 per cent of the issued share capital as at 4 March 2005) without first offering
such securities to existing ordinary shareholders. The calculation of this amount takes into account the placing of
five million shares on 17 December 2004 in connection with the Wickes acquisition and the relevant institutional
shareholder voting guidelines in respect of non-pre-emptive share issues. The authority extends until the earlier of
the conclusion of the next annual general meeting and the date fifteen months from the passing of this resolution.
Any issue of shares for cash will, however, still be subject to the requirements of the UK Listing Authority.
Resolution 12: amendment of articles of association
The company has reviewed its Articles of Association (“the Articles”) to take account of regulatory changes and
current practice. The following is a summary of the proposed principal amendments:
Article 4 - Allotment
Article 4 is amended to bring the sale of treasury shares within the scope of the section 95 authority disapplying 
pre-emption rights under section 89 of the Companies Act 1985. This is required as the statutory pre-emption rights
apply to the sale of treasury shares.
TRA VIS PERKINS PLC
50 Article 7 - Variation of Rights
Article 7 is amended to exclude shares held in treasury from the calculation of the three-quarters in nominal value in
order to reflect the inability of a company holding treasury shares to exercise any voting rights in respect of such shares.
Article 11 - Right to Certificate
Articles 11(A) and (D) are updated to refer to the United Kingdom Listing Authority (the “UKLA”) rather than to the
London Stock Exchange.
Article 27 - Power of Sale
Under existing Article 27(A)(v), the Company is required to inform the London Stock Exchange if it intends to sell
the shares belonging to untraceable members. This is no longer a requirement under the UKLA Listing Rules 
(the “Listing Rules”) and it is therefore proposed that this reference be deleted. 
Article 27(C) is amended to bring both certificated and uncertificated shares within the provisions concerning the
transfer or sale of forfeited or surrendered shares and evidence of such forfeiture or surrender.
Article 29 - Form of Transfer
Article 29(C) is amended so that it is subject to the Uncertificated Securities Regulations 2001 (the “Regulations”).
Article 30 - Right to Refuse Registration
Article 30 is amended to anticipate the transfer of both certificated and uncertificated shares, the latter being subject
to the Regulations.
Article 31 - Fees on Registration
Existing Article 31 provides that transfers relating to or affecting title to shares be registered without payment of any
fee. This is no longer a requirement of the Listing Rules and it is therefore proposed that Article 31 be amended to
provide that the Company has the option to charge a fee for registering the transfer of a share. However, the company
has no current intention to make such a charge.
Article 32 - Suspension of Registration and Closing of Register
The reference to the London Stock Exchange is deleted from Article 32 as it is no longer a requirement of the Listing
Rules that the closing of the members’ register be discretionary. 
Article 32 is amended to refer to the Regulations.
Article 37 - Fractions
Article 37 is amended to make it subject to the Regulations and to provide that the Board may treat a member’s
shares held in certificated and uncertificated form as separate holdings when effecting divisions and/or
consolidations.
Article 39 - Purchase of Own Shares
Article 39 is updated to delete the reference to the London Stock Exchange.
Article 43 - Length and Form of Notice
Article 43 is amended to allow the Board to (i) determine those persons entitled to receive notices of meeting; 
(ii) determine by which time a person must be entered on the register of members in order to have the right to 
attend and vote at the meeting; and (iii) permit a notice of meeting to be published on a website in accordance 
with the Companies Act 1985 (Electronic Communications) Order 2000.
Article 44 - Omission to Send Notice
Article 44 is amended to provide that, where a notice of meeting is published on a website and the notice contains
irregularities, proceedings at such meeting will not thereby be invalidated.
TRA VIS PERKINS PLC
51 New Article 45 - Postponement of General Meetings
A new Article 45 is added to provide that the Board has the power to postpone general meetings where it considers
that it is impractical or unreasonable to hold the general meeting at the time or place specified in the notice.
Article 47 - Procedure if Quorum not Present
Article 47(A) is amended so that where a general meeting is not quorate, the meeting will automatically stand to be
adjourned to such other day, time and/or place as may have been set out in the original notice convening the meeting. 
Article 49 - Director’s Right to Attend and Speak
Article 49 is amended to provide that the chairman may invite any person to attend and speak at a general meeting
where he considers it will assist in the deliberations of the meeting.
Article 51 - Notice of Adjourned Meeting
Article 51 is amended to provide that it is not necessary to give notice of an adjourned meeting, or the business to
be transacted at the adjourned meeting, if the meeting has been adjourned in accordance with the proposed
amendment to Article 47. 
Article 60 - Voting by Proxy
Article 60 is amended to refer to the Regulations.
Article 60(A) is amended to provide expressly that proxies may be submitted using the CREST automated 
proxy-voting service.
Article 60(G) is amended to refer to the UKLA rather than to the London Stock Exchange.
Article 62 - When Votes Through Proxy Valid Though Authority Revoked
Article 62 is amended to include a proxy appointed by means of an electronic communication.
Article 68 - Failure to Disclose Interests in Shares
Article 68(E)(v)(b) is amended to refer to the Financial Services and Markets Act 2000, rather than the Financial
Services Act 1986.
Article 68 is also amended to have regard to the requirements of the Listing Rules, as amended in December 2003
to take account of the introduction of treasury shares.
Article 84 - Participation in Board Meetings
Article 84 is amended to refer to notices served by means of an electronic communication.
Article 86 - Directors’ Fees
Article 86 is amended so that the financial thresholds that apply to non-executive directors’ fees do not apply to 
a non-executive chairman.
Article 86 is amended to allow non-executive directors to receive part of their fee in shares rather than cash. 
Article 91 - Remuneration of Executive Directors
Article 91 is amended to include the non-executive chairman so that the Board may determine his remuneration in
the same way as for the executive directors pursuant to the existing Article 91.
Article 136 - Accounts to be Sent to Members etc.
Article 136 is amended to allow the Company, provided certain procedural requirements are met, to meets its
statutory and Listing Rules obligations in respect of sending certain documents to members by means of an electronic
communication or the posting of such documents on a website. 
TRA VIS PERKINS PLC
52 Article 137 - Notices to be in Writing
Article 137 is amended so that notices can be given by electronic communication as well as in writing.
Article 138 - Service of Other Notice and Documents on Members
Article 138 is amended so that notices and other documents can be given by electronic communication as well as 
in writing.
Article 139 - Notice by Advertisement
Article 139 is amended so that, where a member has not notified the Company of an electronic address for
communication, the Company may convene a general meeting by a notice in a national newspaper if there is a
suspension of postal services. 
Article 140 - Proof of Service
Article 140 is amended to set out when notices that are sent electronically are deemed to be given.
Article 146 - Indemnity
Article 146 is amended so as to benefit from new provisions in the Companies Act 1985 that amplify the Company’s
existing power to indemnify the directors and officers of the Company. This amendment will allow the Company, in
certain circumstances, to provide funds to directors and officers to meet defence costs as they are incurred. 
Resolution 13: authority to purchase own shares
Y our directors believe that it is in the best interests of shareholders that the company should have the flexibility to
make market purchases of its own shares (up to 10 per cent of the issued share capital). The effect of any such
purchases (and the cancellation of such shares) would be to reduce the number of shares in issue and the directors
would only make such purchases after consideration of the effect on earnings per share and the longer term benefits
for the company and shareholders generally. The fact that such authority is being sought should not be taken to imply
that shares would be purchased at any particular price or indeed at all. At 4 March 2005, there were options
outstanding over 3,479,353 ordinary shares, representing 2.88 per cent of the company’s issued ordinary share
capital. This would rise to 3.21 per cent if the authority being sought to buy back shares were to be exercised in full,
and all of the repurchased shares were to be cancelled.
Auditors 
A resolution to re-appoint Deloitte & Touche LLP as the company’s auditors and to authorise the directors to fix the
auditors’ remuneration will be proposed at the annual general meeting.
By order of the Board
A.S. Pike  Secretary
4 March 2005
TRA VIS PERKINS PLC
53 UK company law requires the directors to prepare financial statements for each financial year that give a true and
fair view of the state of affairs of the company and the group as at the end of the financial year and of the profit or
loss of the group for that period. In preparing those financial statements, the directors are required to:
 Select suitable accounting policies and then apply them consistently;
 Make judgments and estimates that are reasonable and prudent; and
 State whether applicable accounting standards have been followed.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any
time the financial position of the company and the group and to enable them to ensure that the financial statements
comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the group and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent auditors’ report to the members of Travis Perkins plc
For the year ended 31 December 2004
W e have audited the financial statements of Travis Perkins plc for the year ended 31 December 2004 which comprise
the profit and loss account, the balance sheets, the cash flow statement, the statement of total recognised gains and
losses, the reconciliation of movements in equity shareholders’ funds, the analysis of actuarial gains and losses,
accounting policies and the related notes 1 to 35. These financial statements have been prepared under the
accounting policies set out therein. W e have also audited the information in the part of the directors’ remuneration
report that is described as having been audited.
This report is made solely to the company’s members, as a body, in accordance with section 235 of the Companies
Act 1985. Our audit work has been undertaken so that we might state to the company’s members those matters we
are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the company and the company’s members as a body,
for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors 
As described in the statement of directors’ responsibilities, the company’s directors are responsible for the
preparation of financial statements in accordance with applicable United Kingdom law and accounting standards.
They are also responsible for the preparation of the other information contained in the annual report including the
directors’ remuneration report. Our responsibility is to audit the financial statements and the part of the directors’
remuneration report described as having been audited in accordance with relevant United Kingdom legal and
regulatory requirements, and auditing standards.
W e report to you our opinion as to whether the financial statements give a true and fair view and whether the financial
statements and the part of the directors’ remuneration report described as having been audited have been properly
prepared in accordance with the Companies Act 1985. W e also report to you if, in our opinion, the directors’ report
is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not
received all the information and explanations we require for our audit, or if information specified by law regarding
directors’ remuneration and transactions with the company and other members of the group is not disclosed.
TRA VIS PERKINS PLC
54
Statement of directors’ responsibilities
For the year ended 31 December 2004 W e review whether the corporate governance statement reflects the company’s compliance with the nine provisions
of the July 2003 FRC Combined Code specified for our review by the Listing Rules of the Financial Services
Authority, and we report if it does not. W e are not required to consider whether the board’s statements on internal
control cover all the risks and controls, or form an opinion on the effectiveness of the group’s corporate governance
procedures or its risk and control procedures.
W e read the directors’ report and the other information contained in the annual report, for the above year as described
in the contents section, including the unaudited part of the directors’ remuneration report, and consider the
implications for our report if we become aware of any apparent misstatements or material inconsistencies with the
financial statements.
Basis of opinion 
W e conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices
Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the
financial statements and the part of the directors’ remuneration report described as having been audited. It also
includes an assessment of the significant estimates and judgments made by the directors in the preparation of the
financial statements, and of whether the accounting policies are appropriate to the circumstances of the company and
the group, consistently applied and adequately disclosed.
W e planned and performed our audit so as to obtain all the information and explanations which we considered
necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements
and the part of the directors’ remuneration report described as having been audited are free from material
misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the
overall adequacy of presentation of information in the financial statements and the part of the directors’ remuneration
report described as having been audited.
Opinion 
In our opinion:
 the financial statements give a true and fair view of the state of affairs of the company and the group as at 
31 December 2004 and of the profit of the group for the year then ended; and
 the financial statements and the part of the directors’ remuneration report described as having been audited,
have been properly prepared in accordance with the Companies Act 1985.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors
Nottingham
4 March 2005
TRA VIS PERKINS PLC
55 Notes 2004 2003
£m £m
Turnover 1 1,828.6 1,678.3
Operating profit before amortisation of goodwill 218.2 191.4
Amortisation of goodwill (17.4) (15.3)
Operating profit after amortisation of goodwill 2 200.8 176.1
Net interest payable 5 (7.6) (9.1)
Other finance costs 6 (2.8) (4.3)
Profit on ordinary activities before taxation 190.4 162.7
Tax on profit on ordinary activities 7 (60.3) (53.8)
Profit on ordinary activities after taxation 130.1 108.9
Equity dividends paid and proposed 8 (36.3) (27.6)
Retained profit transferred to reserves22 93.8 81.3
Earnings per ordinary share
Basic 9 113.9p 96.5p
Diluted 9 112.6p 95.2p
Adjusted 9 129.1p 110.0p
Dividend per ordinary share 8
30.5p
24.4p
All results relate to continuing activities. The results disclosed in the group profit and loss account are not
materially different from the results on an unmodified historical cost basis.
TRA VIS PERKINS PLC
56
Consolidated profit and loss account
For the year ended 31 December 2004 The Group The Company
––––––––––––––––––––– –––––––––––––––––––––
Notes 2004 2003 2004 2003
£m £m £m £m
Fixed assets
Tangible assets 10 326.3 284.7 0.1 0.1
Intangible assets – goodwill 11 287.4 285.7 – –
Investments 12 3.9 4.3 569.7 553.5
617.6 574.7 569.8 553.6
Current assets
Stocks 13 200.6 178.1 – –
Debtors 14 287.8 265.4 130.1 128.5
Properties held for resale 15 – 0.2 – –
Short term investments – cash deposits 98.0 27.5 98.0 27.5
Cash at bank and in hand 16 18.9 6.4 – –
605.3 477.6 228.1 156.0
Creditors: amounts falling due within one year 17 (405.4) (400.0) (160.9) (187.7)
Net current assets/(liabilities) 199.9 77.6 67.2 (31.7)
Total assets less current liabilities 817.5 652.3 637.0 521.9
Creditors: amounts falling due after more
than one year 18 (65.0) (70.1) (303.4) (292.7)
Provisions for liabilities and charges 19 (32.2) (20.1) – –
Net assets excluding pension deficit 720.3 562.1 333.6 229.2
Pension deficit 3 (89.8) (85.1) – –
Net assets including pension deficit 630.5 477.0 333.6 229.2
Capital and reserves
Called up share capital 21 12.1 11.3 12.1 11.3
Share premium account 22 159.2 69.4 158.1 68.3
Revaluation reserves 22 29.8 30.6 – –
Profit and loss account 22 429.4 365.7 163.4 149.6
Total equity shareholders’ funds 630.5 477.0 333.6 229.2
The financial statements were approved by the board of directors on 4 March 2005.
Signed on behalf of the board of directors.
G. I. Cooper
P . N. Hampden Smith 
}
Directors
TRA VIS PERKINS PLC
57
Balance sheets
As at 31 December 2004 2004 2003
£m £m
Profit attributable to shareholders of the company 130.1 108.9
Actuarial gains and losses recognised in the pension scheme (32.5) (2.7)
Deferred tax on pension deficit 2.0 (0.2)
Unrealised loss on revaluation of investment properties (0.4) (0.3)
Total gains recognised since last annual report 99.2 105.7
Analysis of actuarial gains and losses included in the
statement of total recognised gains and losses
For the year ended 31 December 2004
2004 2003
£m £m
Difference between actual and expected return on scheme assets 10.9 14.7
Experience gains and losses arising on scheme liabilities 0.1 0.1
Effects of changes in assumptions underlying the present value of scheme liabilities (43.5) (17.5)
Total actuarial gains and losses recognised in the statement of
total recognised gains and losses (32.5) (2.7)
Reconciliation of movements in equity shareholders’ funds
For the year ended 31 December 2004
2004 2003
£m £m
Equity shareholders’ funds at 1 January 477.0 395.4
Profit attributable to shareholders of the company 130.1 108.9
Dividends (36.3) (27.6)
Retained profit transferred to reserves 93.8 81.3
New share capital subscribed 90.6 3.5
Unrealised loss on revaluation of investment properties (0.4) (0.3)
Actuarial gains and losses (net of deferred tax) (30.5) (2.9)
Net increase in shareholders’ funds 153.5 81.6
Equity shareholders’ funds at 31 December 630.5 477.0
TRA VIS PERKINS PLC
58
Statement of total recognised gains and losses
For the year ended 31 December 2004 Notes 2004 2003
£m £m
Net cash inflow from operating activities 27 222.0 230.8
Returns on investments and servicing of finance
Interest received 0.5 0.7
Interest paid (8.5) (10.0)
Net cash outflow for returns on investments and servicing of finance (8.0) (9.3)
Taxation
UK corporation tax paid (54.2) (50.9)
Capital expenditure and financial investment
Purchase of tangible fixed assets (67.3) (49.4)
Receipts from sales of tangible fixed assets 2.2 2.5
Net cash outflow for capital expenditure and financial investment (65.1) (46.9)
Acquisitions
Purchase of business undertakings 30 (40.2) (73.0)
Net cash acquired with business undertakings 1.2 0.7
Net cash outflow for acquisitions (39.0) (72.3)
Equity dividends paid (30.0) (23.7)
Cash inflow before use of 
liquid resources and financing 25.7 27.7
Management of liquid resources
Cash (outflow to)/inflow from short term deposits 29 (70.5) 2.5
Financing
Issue of ordinary share capital (net of expenses) 90.6 3.5
Repayment of bank loans 29 (30.0) (25.0)
Repayment of unsecured loan notes 29 (3.2) (1.9)
Capital element of finance lease rentals 29 (0.1) (0.1)
Net cash inflow from/(outflow to) financing 57.3 (23.5)
Increase in cash in the year 29 12.5 6.7
TRA VIS PERKINS PLC
59
Consolidated cash flow statement
For the year ended 31 December 2004 The financial statements have been prepared in accordance with applicable accounting standards.
Compliance with SSAP 19 “Accounting for Investment Properties” requires departure from the requirements of the
Companies Act 1985 relating to depreciation and an explanation of the departure is given in note (f) below.
The particular accounting policies adopted are:
(a) Basis of accounting   
The accounts have been prepared under the historical cost convention modified by the revaluation of certain freehold,
leasehold and investment properties. The group has adopted the transitional rules within FRS 15, which allow it to
maintain the carrying value of the revalued assets (excluding investment properties) at their modified cost.
(b) Basis of preparation  
The consolidated financial statements consolidate the accounts of the company and all its subsidiaries.
The cost of acquisition represents the cash value of the consideration and/or the market value of the shares issued on
the date the offer became unconditional, plus expenses. At the date of the acquisition an assessment is made of the fair
value of the net assets. It is this fair value, which is incorporated into the consolidated accounts.
Any excess cost over the fair value of net assets represents goodwill. Prior to 1 January 1998, goodwill was written off
directly to reserves as a matter of accounting policy. From 1 January 1998, in accordance with FRS 10, goodwill is
capitalised and amortised over its estimated useful life, which the directors consider to be 20 years.
(c) Depreciation   
Depreciation is provided on tangible fixed assets on a straight-line basis to write off the cost or valuation of those assets
over their estimated useful lives. The principal rates of depreciation are:
Freehold buildings Over the estimated useful life of the building
Leasehold property Over the term of the lease
Fixed plant and equipment 10% - 20% per annum
Mobile plant 12
1
/2% per annum
Motor vehicles 12
1
/2% - 20% per annum
Computer installations 25% per annum
Tools and plant for hire 25% per annum
No depreciation is provided on freehold land or investment properties.
(d) Properties held for resale   
Properties held for resale are surplus to the group’s requirements and are transferred to current assets and shown at the
lower of cost and net realisable value. The appropriate transfer from revaluation reserves is offset against the value
transferred from fixed assets. Profits on the sale of properties are calculated by deducting the amounts at which they
were stated in the balance sheet from sale proceeds net of expenses.
(e) Investments
(i)In the balance sheet of the parent company, investments in subsidiaries are stated at cost less amounts 
written off.
(ii)Investments held as current assets are stated at the lower of cost and net realisable value.
(f) Investment properties   
In accordance with SSAP 19, investment properties are revalued at open market value annually by either independent
professional third party valuers or the directors. The aggregate surplus or deficit is transferred to revaluation reserve,
subject to individual impairments in value. No depreciation is provided in respect of investment properties.
However, the Companies Act 1985 requires that all properties should be depreciated. This requirement conflicts with
the generally accepted accounting principle set out in SSAP 19.
The directors consider that these properties are not held for trading use but are held for their investment potential. 
It is therefore necessary to adopt SSAP 19 as to depreciate them would not give a true and fair view.
If this departure from the Act had not been made, the profit for the financial year would have been reduced by
depreciation. However, the amount of depreciation cannot reasonably be quantified because depreciation is only one
of the many factors reflected in the annual valuation.
TRA VIS PERKINS PLC
60
Accounting policies
For the year ended 31 December 2004 (g) Leases
(i)Finance leases
Assets held under finance leases and the related lease obligations are recorded in the balance sheet at the fair
value of the leased assets at the inception of the leases. The amounts by which the lease payments exceed the
recorded lease obligations are treated as finance charges, which are amortised over each lease term to give a
constant rate of charge on the balance of the obligation.
(ii)Operating leases
Rental costs under operating leases are charged to the profit and loss account in equal annual instalments over
the periods of the leases.
(h) Stocks   
Stocks are valued at the lower of cost and net realisable value, with allowance being made for obsolete and slow moving
items.
(i) Taxation   
Current UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that
have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet
date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in
the future have occurred at the balance sheet date. Timing differences are differences between the group’s taxable
profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax
assessments in periods different from those in which they are recognised in the financial statements.
A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available
evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future
reversal of the underlying timing differences can be deducted.
Deferred tax is not recognised when fixed assets are revalued unless by the balance sheet date there is a binding
agreement to sell the revalued assets and the gain or loss expected to arise on sale had been recognised in the financial
statements. Neither is deferred tax recognised when fixed assets are sold and it is more likely than not that the taxable
gain will be rolled over, being charged to tax only if and when the replacement assets are sold.
Deferred tax is measured at the standard tax rates that are expected to apply in the periods in which the timing
differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the
balance sheet date. Deferred tax is measured on a non-discounted basis.
(j) Pension costs   
For defined benefit schemes, operating profit is charged with the cost of providing pension benefits earned by
employees in the period. The expected return on pension scheme assets less the interest on pension scheme liabilities
is shown as a finance cost within the profit and loss account.
Actuarial gains and losses arising in the period from the difference between actual and expected returns on pension
scheme assets, experience gains and losses on pension scheme liabilities and the effects of changes in demographics
and financial assumptions are included in the statement of total recognised gains and losses.
Recoverable pension scheme surpluses and pension scheme deficits and the associated deferred tax balances are
recognised in full and included in the balance sheet.
(k) Financial instruments   
Derivative instruments utilised by the group are interest rate swaps and forward exchange contracts. The group does
not enter into speculative derivative contracts. All such instruments are used for hedging purposes to alter the risk
profile of an existing underlying exposure of the group in line with the group’s risk management policies. Amounts
payable or receivable in respect of interest rate swaps are recognised as adjustments to interest expense over the
periods of the contracts.
Transactions denominated in foreign currencies are recorded at the rates ruling on the date of the transaction, unless
matching forward foreign exchange contracts have been entered into, in which case the rate specified in the relevant
contract is used. At the balance sheet date, unhedged monetary assets and liabilities denominated in foreign currencies
are translated at the rate of exchange ruling at that date.
TRA VIS PERKINS PLC
61 1. Turnover
Turnover represents sales of timber, building and plumbing supplies and equipment rental (excluding V AT) to customers of the group in the 
United Kingdom.
2. Operating profit after amortisation of goodwill
2004 2003
£m £m
Turnover 1,828.6 1,678.3
Cost of sales (1,245.3) (1,156.3)
Gross profit 583.3 522.0
Selling and distribution costs (297.7) (276.9)
Administrative expenses (86.3) (70.8)
Other operating income 1.5 1.8
Operating profit after amortisation of goodwill 200.8 176.1
2004 2003
£m £m
Items included above but not disclosed elsewhere:
Depreciation and other amounts written off tangible
and intangible fixed assets (49.7) (42.2)
Profit on sale of plant and equipment 0.2 –
Rental income 1.3 1.4
Hire of vehicles, plant and machinery (8.5) (8.8)
Other leasing charges – property (18.7) (18.1)
Amounts paid to the Auditors 2004 2003
£’000 £’000
Group audit fee (company audit fee: £17k: 2003 £17k) 231 216
Other amounts paid to Auditors – tax compliance 65 65
Other amounts paid to Auditors – tax advisory 70 121
Included within the balance sheet is £205k payable to the auditors in respect of review work undertaken for the Wickes acquisition.
3. Pension arrangements
During the year, the group operated one final salary scheme: the Travis Perkins Pensions and Dependants’ Benefit Scheme (the “Group Scheme”),
the assets of which were held in a separate trustee administered fund, funded by contributions from the group companies and the employees. 
Contributions are paid to the trustees on the basis of advice from an independent professionally qualified actuary who carries out a valuation of
each scheme every three years.
TRA VIS PERKINS PLC
62
Notes to the accounts
For the year ended 31 December 2004 3. Pension arrangements continued
A full actuarial valuation of the Group Scheme was carried out on 30 November 2002, then updated to 31 December 2004 by a qualified actuary.
(a) Major assumptions used by the actuary (in nominal terms)
At 31 December 2004 At 31 December 2003 At 31 December 2002
––––––––––––––––––––– –––––––––––––––––– ––––––––––––––––––
Rate of increase in salaries 3.8% 3.8% 3.8%
Rate of increase of pensions in payment 2.8% (post 1997) 2.8% (pre 1997)2.3% (post 1997)
3.0% (pre 1997) 3.0% (post 1997)3.0% (pre 1997)
Discount rate 5.3% 5.4% 5.5%
Inflation assumption 2.8% 2.8% 2.3%
(b) Assets and liabilities in the scheme and the expected rate of return (net of allowance for administration expenses)
At 31 December 2004 At 31 December 2003 At 31 December 2002
––––––––––––––––––––––– –––––––––––––––––––––– ––––––––––––––––––––––
Expected £m Expected £m Expected £m
return return return
Equities 7.30% 183.9 7.30% 149.5 7.30% 126.0
Bonds 4.30% 38.4 4.60% 22.3 4.30% 14.6
Corporate bonds 5.10% 31.1 5.10% 20.9 5.30% 8.0
Total fair value of assets 253.4 192.7 148.6
Actuarial value of liability (381.7) (314.3)(271.1)
Deficit in the scheme (128.3) (121.6)(122.5)
Related deferred tax asset 38.5 36.5 36.7
Net pension liability (89.8) (85.1)(85.8)
(c) Analysis of amount charged to operating profit 2004 2003
£m £m
Current service cost 10.6 10.3
In consultation with the scheme actuary and the trustees of the pension fund the directors are in the process of fixing the employers’
contribution rate for 2005.
(d) Movement in scheme deficit during year 2004 2003 
£m £m
Deficit at 1 January (121.6) (122.5)
Current service cost (10.6) (10.3)
Contributions 39.2 18.2
Other finance costs (2.8) (4.3)
Actuarial loss (32.5) (2.7)
Deficit at 31 December (128.3) (121.6)
(e) Other pension costs 2004 2003
£m £m
Current service costs charged to the profit and loss account 10.6 10.3
Other finance costs 2.8 4.3
Total amount recognised in the statement of total recognised gains and losses 32.5 2.7
Total pension costs 45.9 17.3
TRA VIS PERKINS PLC
63 3. Pension arrangements continued
(f) History of experience gains and losses 2004 2003 2002
Difference between the expected and the actual return on scheme assets
Amount £10.9m £14.7m £(43.1)m
Percentage of scheme assets 4.3% 7.6% 29.0%
Experience gains and losses on scheme liabilities
Amount £0.1m £0.1m £(15.4)m
Percentage of the present value of scheme liabilities – – 5.7%
Effect of changes in assumptions underlying the present value of scheme liabilities
Amount £(43.5)m £(17.5)m £(32.7)m
Percentage of the present value of scheme liabilities 11.4% 5.6% 12.1%
Total amount recognised in the Statement of Total Recognised Gains and Losses
Amount £(32.5)m £(2.7)m £(91.2)m
Percentage of the present value of scheme liabilities 8.5% 0.9% 33.6%
(g) Change in assumptions
Of the change in assumptions loss of £(43.5) million, £(36) million reflects effect of increased longevity assumptions and £(7.5)million
reflects the change in the discount rate.
Defined contribution schemes 
There is one defined contribution scheme in the group. Contributions to defined contribution schemes in the year were £0.4 million (2003: 
£0.1 million).
4. Information regarding employees and directors 2004 2003
(a) Average number of persons employed No. No.
Sales 6,846 6,868
Distribution 1,537 1,347
Administration 1,002 984
9,385 9,199
(b) Staff costs £m £m
W ages and salaries (186.4) (174.4)
Social security costs (18.1) (16.2)
Other pension costs (10.8) (10.4)
Disclosures on directors’ share options, remuneration, long-term incentive schemes, pension contributions and pension entitlements required by
the Companies Act 1985 and those specified for audit by the Financial Services Authority are shown on pages 39 to 47 within the Remuneration
Report on pages 45 to 47 and form part of these audited financial statements.
5. Net interest payable 2004 2003
£m £m
Interest on overdrafts and short term loans repayable within 5 years (7.5) (9.1)
Interest on unsecured loans (0.6) (0.6)
Total interest payable (8.1) (9.7)
Interest receivable and similar income 0.5 0.6
Net interest payable (7.6) (9.1)
Interest cover is 28.7 times (2003: 21 times). It is calculated by dividing operating profit before goodwill amortisation by the net interest payable
(excluding other finance costs).
TRA VIS PERKINS PLC
64 6. Other finance costs 2004 2003
£m £m
Expected return on scheme assets 14.3 10.8
Interest on pension liabilities (17.1) (15.1)
Net cost (2.8) (4.3)
7. Tax on profit on ordinary activities 2004 2003
£m £m
(a) Tax charges
Current tax
UK corporation tax at 30% - current year 50.1 51.7
- prior year 0.9 (0.1)
Total current tax 51.0 51.6
Deferred tax at 30%
Origination and reversal of timing differences - current year 10.2 2.3
- prior year (0.9) (0.1)
Total deferred tax 9.3 2.2
Total tax on profit on ordinary activities 60.3 53.8
(b) Tax reconciliation
The differences between the total current tax shown above and the amount calculated by applying the standard rate of UK corporation tax to
the profit before tax is as follows.
2004 2003
–––––––––––––––––– –––––––––––––––––––
Group profit on ordinary activities before tax %£m %£m
Tax on group profit on ordinary activities at standard UK corporation 
tax rate of 30% 30.0% 57.1 30.0% 48.8
Effects of:
Net expenses not deductible for tax purposes (principally goodwill amortisation) 3.3% 6.2 3.5% 5.7
Capital allowances in excess of depreciation (1.2)% (2.2) (0.7)% (1.1)
Depreciation on non-qualifying property 0.8% 1.6 0.7% 1.2
Gains on share options exercised during period (2.3)% (4.6) (1.1)% (1.8)
Other timing differences (principally pension scheme payments) (4.2)% (8.0) (0.7)% (1.1)
Prior period adjustment 0.4% 0.9 – (0.1)
Group current tax charge for year 26.8% 51.0 31.7% 51.6
Deferred tax of £10.2 million (2003: £10.3 million) has not been provided on revalued fixed assets and fixed assets subject to rollover relief. 
At present, it is not envisaged that any tax will become payable in the foreseeable future.
The group’s planned level of capital investment is expected to remain at similar levels. Therefore, it expects to be able to claim capital
allowances in excess of depreciation in future years, at a similar level to the current year.
The taxation charge is based on profit before tax for the year at the UK standard rate. There is no tax charge on profits on disposal of properties
due to claims for rollover relief for which no deferred taxation provision has been made, or a tax credit in respect of the amortisation of
goodwill.
TRA VIS PERKINS PLC
65 8. Equity dividends 2004 2003
£m £m
Interim 9.5 pence per share (2003: 7.6 pence per share) 11.0 8.6
Proposed final 21.0 pence per share (2003: 16.8 pence per share) 25.3 19.0
36.3 27.6
9. Earnings per ordinary share
(a) Basic earnings per ordinary share 2004 2003
Basic earnings per ordinary share are calculated from the following ratio:
Profit on ordinary activities after taxation £130.1m £108.9m
––––––––––––––––––––––––––––––– –––––––––––– ––––––––––
Average number of shares in issue 114,232,096 112,782,720
(b) Diluted earnings per ordinary share 2004 2003
Diluted earnings per ordinary share are calculated from the following ratio:
Profit on ordinary activities after taxation £130.1m £108.9m
––––––––––––––––––––––––––––––––––––––––––––––– –––––––––––– ––––––––––
Average number of shares including outstanding options 115,554,686 114,359,686
The difference in the average number of shares in issue used as the denominator for the calculations of basic and diluted earnings per share
is due to the premium element of share options still outstanding at the end of each financial period, based on the average mid-market price
for that year. The adjustment to the number of shares is:
2004 2003
No. No.
Premium element of share options based on average mid-market share price for the year 1,322,590 1,576,966
(c) Adjusted earnings per ordinary share
Adjusted earnings per ordinary share which are calculated based upon earnings before amortisation of goodwill and are presented in addition
to the basic earnings per 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 share may be reconciled to adjusted earnings per share (before amortisation of goodwill) as follows:
2004 2003
Adjusted earnings per ordinary share 129.1p 110.0p
Amortisation of goodwill (15.2)p (13.5)p
Basic earnings per ordinary share 113.9p 96.5p
TRA VIS PERKINS PLC
66 10. Tangible fixed assets The Group The Company
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– –––––––––––
Long Short Plant and
Freehold leases leases equipment Total Total
1
£m £m £m £m £m £m
Cost or valuation
At 1 January 2004 167.3 16.7 10.0 191.4 385.4 0.3
Additions 14.2 2.4 3.5 47.2 67.3 –
Additions from acquired businesses 5.2 – 0.4 2.8 8.4 –
Disposals (0.5)– – (16.5) (17.0) –
At 31 December 2004 186.2 19.1 13.9 224.9 444.1 0.3
Accumulated depreciation
At 1 January 2004 12.0 1.3 1.7 85.7 100.70.2
Charged this year 3.7 0.4 0.9 27.3 32.3 –
Disposals (0.1)– – (15.1) (15.2) –
At 31 December 2004 15.6 1.7 2.6 97.9 117.8 0.2
Net book value
At 31 December 2004 170.6 17.4 11.3 127.0 326.3 0.1
At 31 December 2003 155.3 15.4 8.3 105.7 284.7 0.1
1
Total company fixed assets comprise plant and equipment only.
The cost element of the fixed assets carrying value is analysed as follows:
The Group The Company
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– –––––––––––
Long Short Plant and
Freehold leases leases equipment Total Total
£m £m £m £m £m £m
At valuation 78.6 6.2 2.6 – 87.4 –
At cost 107.6 12.9 11.3 224.9 356.70.3
186.2 19.1 13.9 224.9 444.1 0.3
Those freehold and leasehold properties included at valuation in the consolidated balance sheet were revalued at their open market value on an
existing use basis. The valuations were performed as at 31 December 1999 by an independent professional valuer, Lambert Smith Hampton,
Consultant Surveyors and V aluers.
Included within freehold property is land with a value of £77.2 million (2003: £69.4 million) which is not depreciated.
The net book value of plant and equipment includes approximately £0.2 million (2003: £0.2 million) within the group figures and £nil (2003: £nil)
within the company figures in respect of assets held under finance leases.
Comparable amounts determined according to the historical cost convention:
The Group The Company
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– –––––––––––
Long Short Plant and
Freehold leases leases equipment Total Total
£m £m £m £m £m £m
Cost 177.2 18.0 18.8 224.9 438.9 0.3
Accumulated depreciation (34.7)(2.9)(5.6)(97.9) (141.1) (0.2)
Net book value
At 31 December 2004 142.5 15.1 13.2 127.0 297.8 0.1
At 31 December 2003 126.8 13.4 9.9 105.7 255.8 0.1
TRA VIS PERKINS PLC
67 11. Intangible assets - goodwill The Group
––––––––––
Cost £m
At 1 January 2004 338.3
Acquisitions in the current year 19.1
At 31 December 2004 357.4
Accumulated amortisation
At 1 January 2004 52.6
Provided in the year 17.4
At 31 December 2004 70.0
Net book value
At 31 December 2004 287.4
At 31 December 2003 285.7
12. Fixed asset investments The Group The Company
––––––––––––––––––– –––––––––––––––––––
2004 2003 2004 2003
£m £m £m £m
Shares in group undertakings – – 574.3 558.1
Investment properties 3.9 4.3 – –
3.9 4.3 574.3 558.1
Provision for impairment – – (4.6) (4.6)
3.9 4.3 569.7 553.5
(a) The principal operating subsidiaries whose results and assets affect the results and assets of the group
Subsidiary Registered office
Travis Perkins Trading Company Limited Lodge W ay House, Harlestone Road, Northampton, NN5 7UG.
(Builders merchants)
Keyline Builders Merchants Limited Southbank House, 1 Strathkelvin Place, Kirkintilloch, Glasgow G66 1HX.
(Builders merchants)
Travis Perkins (Properties) Limited Lodge W ay House, Harlestone Road, Northampton, NN5 7UG.
(Property management company)
City Plumbing Supplies Holdings Limited Lodge W ay House, Harlestone Road, Northampton, NN5 7UG.
(Plumbers merchants)
CCF Limited Lodge W ay House, Harlestone Road, Northampton, NN5 7UG.
(Ceiling and dry lining distribution)
The directors have applied s231 of the Companies Act 1985 and therefore list only significant subsidiary companies.
All subsidiaries of the group are 100 per cent owned. Each company is registered and incorporated in England and W ales, other than 
Keyline Builders Merchants Limited and five dormant companies, which are registered and incorporated in Scotland, and City Investments
Limited, which is registered and incorporated in Jersey.
TRA VIS PERKINS PLC
68 12. Fixed asset investments continued
(b) Additional information in respect of movements in fixed asset investments
The Group The Company
–––––––––––– ––––––––––––
Investment Shares
properties in group
undertakings
£m £m
At 1 January 2004 4.3 553.5
Revaluation (0.4)–
Acquired during the year – 16.2
At 31 December 2004 3.9 569.7
At 31 December 2004, the directors revalued the investment properties at their open market value.
The comparable net book value for investment properties determined according to the historical cost convention as at 31 December 2004 is
£0.8 million (2003: £0.8 million). The amount of accumulated depreciation charged to arrive at these values is negligible.
13. Stocks
Stocks consist of goods for resale.
14. Debtors
The Group The Company
––––––––––––––––––– –––––––––––––––––––
2004 2003 2004 2003
£m £m £m £m
Trade debtors 230.8 211.9 – –
Amounts owed by subsidiaries – – 126.7 124.9
Other debtors 44.2 43.5 3.4 3.3
Prepayments and accrued income 12.8 10.0 – 0.3
287.8 265.4 130.1 128.5
15. Properties held for resale
The Group
––––––––––––
£m
At 1 January 2004 0.2
Disposals (0.2)
At 31 December 2004 –
16. Cash at bank and in hand
Included within cash at bank and in hand was £0.7 million (2003: £0.7 million) held by employee related trusts. These funds can only be used
to purchase ordinary shares in the company in order to satisfy obligations under the executive share option schemes and employee sharesave
schemes as set out on page 46 or to provide other benefits to employees.
TRA VIS PERKINS PLC
69 TRA VIS PERKINS PLC
70
17. Creditors: amounts falling due within one year
The Group The Company
––––––––––––––––––– –––––––––––––––––––
2004 2003 2004 2003
£m £m £m £m
Bank overdrafts – – 63.5 73.5
Bank loans 55.0 80.0 55.0 80.0
Obligations under finance leases 0.1 0.1 – –
Unsecured loan notes 9.0 12.2 9.0 12.2
Trade creditors 238.9 214.9 – –
Corporation tax 22.6 25.9 – –
Other taxation and social security 20.9 17.4 1.2 –
Other creditors 18.0 15.3 5.2 1.7
Accruals and deferred income 15.6 15.2 1.7 1.3
Dividends proposed 25.3 19.0 25.3 19.0
405.4 400.0 160.9 187.7
18. Creditors: amounts falling due after more than one year
The Group The Company
––––––––––––––––––– –––––––––––––––––––
2004 2003 2004 2003
£m £m £m £m
Bank loans 65.0 70.0 65.0 70.0
Obligations under finance leases – 0.1 – –
Amounts due to subsidiaries – – 238.4 222.7
65.0 70.1 303.4 292.7
19. Provisions for liabilities and charges
The Group
––––––––––––––––––––––––––––––––––––
Deferred Other
tax provisions Total
£m £m £m
At 1 January 2004 10.2 9.9 20.1
Charged to profit and loss account 9.3 5.7 15.0
Applied during year – (2.9) (2.9)
At 31 December 2004 19.5 12.732.2
Other provisions relate principally to insurance claims where the final settlement date is uncertain. The company has a deferred tax asset of £0.4m
at December 2004 (2003: £nil). For disclosure purposes, this has been included within other debtors in note 14. The company has no unprovided
liability to deferred tax (2003: £nil). 19. Provisions for liabilities and charges continued
The provided and unprovided amounts of deferred taxation are: Provided Unprovided
––––––––––––––––––– –––––––––––––––––––
2004 2003 2004 2003
£m £m £m £m
Capital allowances in excess of depreciation 13.7 11.5 – –
Sale of properties – – 10.2 10.3
Investment revaluation reserve – – 0.3 0.3
Other timing differences 5.8 (1.3) – –
Capital losses – – (0.4) (0.4)
19.5 10.2 10.1 10.2
20. Financial instruments
A summary of the group policies and strategies with regard to financial instruments can be found in the finance director’s report on pages 14 
and 16. With the exception of currency disclosures shown in note 20(b), the disclosures below exclude short-term debtors, creditors and pension
scheme surpluses and deficits.
(a) Interest rate profile of financial assets and liabilities
The interest rate exposures of the group financial assets and liabilities as at 31 December 2004, all of which are denominated in sterling,
were as follows:
Floating
–––––––––––––––––––
2004 2003
£m £m
Borrowings (129.1) (162.4)
Cash at bank, in hand and deposits 116.9 33.9
(12.2) (128.5)
Cash at bank, in hand and deposits earn interest at floating rates, based principally on short-term inter-bank rates. Floating rate borrowings
bear interest based on short-term inter-bank rates, being LIBOR (applicable to periods of 6 months or less).
Loan notes of £4.7 million issued in 1999 in respect of the Sharpe & Fisher acquisition remain outstanding at 31 December 2004. Interest
on these loan notes is determined at 6 monthly intervals on 31 January and 31 July each year when interest is set at 
1
/2 per cent below LIBOR.
The interest rate was 3.76 per cent during January 2005 and has been set at 4.23 per cent between 1 February and 31 July 2005.
Loan notes of £3.7 million issued as part of the consideration for the acquisition of the business of Broombys Limited, remain outstanding at 
31 December 2004. Interest on these loan notes is determined at 6 monthly intervals on 31 January and 30 June each year when interest is
set at base rate subject to a minimum of 6 per cent. The interest rate has been set at 6.0 per cent between 1 January 2005 and 30 June 2005.
£0.6 million of loan notes issued during 2002 in respect of the Joseph Sparks and Son Limited acquisition remain outstanding as of 
31 December 2004. Interest is payable on 31 March each year at a rate of 0.5 per cent below base rates.
No borrowings are at fixed rates. 
TRA VIS PERKINS PLC
71 20. Financial instruments continued
(b) Currency exposure
At 31 December 2004, the group had placed unfulfilled orders denominated in foreign currency (principally in US dollars) with suppliers 
to the value of £5.4 million. In addition it had short term foreign currency trade creditors (principally in US dollars and euros) totalling 
£0.2 million.
As at 31 December 2004 and 31 December 2003, the group had no currency contracts, including hedging. 
(c) Maturity of financial liabilities
Bank loans and overdrafts Other borrowings Total
––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––
2004 2003 2004 2003 2004 2003
£m £m £m £m £m £m
(i) The Group
Borrowings repayable:
Within 1 year 55.0 80.0 9.1 12.3 64.1 92.3
More than 1 year but
not more than 2 years 5.0 55.0 – 0.1 5.0 55.1
More than 2 years but
not more than 5 years 60.0 15.0 – – 60.0 15.0
Total borrowings 120.0 150.0 9.1 12.4 129.1 162.4
Bank loans and overdrafts Other borrowings Total
––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––
2004 2003 2004 2003 2004 2003
£m £m £m £m £m £m
(ii) The Company
Borrowings repayable:
Within 1 year 118.5 153.5 9.0 12.2 127.5 165.7
More than 1 year but
not more than 2 years 5.0 55.0 – – 5.0 55.0
More than 2 years but
not more than 5 years 60.0 15.0 – – 60.0 15.0
Total borrowings 183.5 223.5 9.0 12.2 192.5 235.7
There are cross-guarantees on the overdrafts between group companies.
The loan notes of £4.7 million issued in 1999 to acquire Sharpe & Fisher can be redeemed on 1 January and 1 July each year, the final
redemption date being 1 January 2010. The £3.7 million of loan notes issued for the acquisition of the business of Broombys Limited are
redeemable on 30 June and 31 December each year until the final redemption date of 30 June 2015. The loan notes of £0.6 million issued
for the acquisition of Joseph Sparks and Son Limited have a final redemption date of 31 March 2005.
The principal bank loans, which are in the name of Travis Perkins plc, have been guaranteed by the companies listed in Note 12(a).
The finance leases are secured on the assets to which they relate.
TRA VIS PERKINS PLC
72 TRA VIS PERKINS PLC
73
20. Financial instruments continued
(d) Borrowing facilities
The group has various undrawn borrowing facilities available at 31 December 2004 in respect of which all conditions had been met:
Overdrafts Uncommitted Total
Borrowings expiring: £m £m £m
Within 1 year 54.0 78.0 132.0
In addition, at 31 December 2004, the group had an undrawn committed credit facility of £1.2 billion, expiring in December 2009,
established for the purposes of acquiring Wickes. On 11 February 2005, the date on which Wickes was acquired the £120 million drawn
committed facilities, the £78 million uncommitted facilities and a £29 million overdraft facility were repaid or withdrawn.
The fair values of financial assets and financial liabilities are as follows: 
Book value Fair value
––––––––––––––––––– –––––––––––––––––––
2004 2003 2004 2003
£m £m £m £m
Cash at bank, in hand and deposits 116.9 33.9 116.9 33.9
Loans (including finance leases) (120.1) (150.2) (120.1) (150.2)
Loan notes (9.0) (12.2) (9.0) (12.2)
(12.2) (128.5) (12.2) (128.5)
The fair value has been calculated by discounting expected cash flows at prevailing rates at 31 December. There are no material differences
between book and fair values on this basis.
21. Called up share capital
Authorised Allotted
––––––––––––––––––– –––––––––––––––––––
Ordinary shares of 10p No. £m No. £m
At 1 January 2004 135,000,000 13.5 113,387,252 11.3
Market placing of shares – – 5,000,000 0.5
Allotted under share option schemes – – 2,132,127 0.3
At 31 December 2004 135,000,000 13.5 120,519,379 12.1
The net contribution received for the issue of shares during the year was £90.6 million.
Details of the share option schemes are given in the Remuneration Report on pages 41, 42, 46 and 47. 22. Reserves
Non-distributable
(a) The Group revaluation reserve Share
–––––––––––––––––––––––
Investment Trading premium Retained Total
property property account profits reserves
£m £m £m £m £m
At 1 January 2004 3.5 27.1 69.4 365.7 465.7
Retained profit for the year – – – 93.8 93.8
Actuarial loss recognised – – – (30.5) (30.5) 
Difference between depreciation of assets
on a historical basis and on a revaluation basis – (0.4)– 0.4 –
Revaluation of investment properties (0.4)– – – (0.4)
Issue of shares – – 89.8 – 89.8
At 31 December 2004 3.1 26.7159.2 429.4 618.4
2004 2003
£m £m
Profit and loss account reserve excluding pension deficit 519.2 450.8
Pension deficit (89.8) (85.1)
Profit and loss account reserve including pension deficit 429.4 365.7
The cumulative total of goodwill written off directly to reserves for acquisitions from 23 December 1989 to 31 December 1998 is 
£40.1 million. The aggregate information for the accounting periods prior to this period is not available.
(b) The Company Share premium Retained Total
account profits reserves
£m £m £m
At 1 January 2004 68.3 149.6 217.9
Retained profit for the year – 13.8 13.8
Issue of shares 89.8 – 89.8
At 31 December 2004 158.1 163.4 321.5
23. Profit of parent company
As permitted by s230 of the Companies Act 1985, the profit and loss account of the parent company is not presented as part of these 
financial statements.
2004 2003
Group profit dealt with in the parent company accounts: £m £m
Trading loss (7.3) (7.4)
Group dividends receivable 57.4 51.6
50.1 44.2
Dividends payable to shareholders (36.3) (27.6)
Retained profit for the year 13.8 16.6
TRA VIS PERKINS PLC
74 24. Operating lease commitments
At 31 December 2004, the group was committed to making the following payments during the next year in respect of operating leases:
Land and buildings Other
––––––––––––––––––– –––––––––––––––––––
2004 2003 2004 2003
Leases which expire: £m £m £m £m
Within 1 year 0.2 0.5 0.2 0.4
More than 1 year but not more than 2 years 0.4 0.5 0.1 0.4
More than 2 years but not more than 5 years 1.7 1.5 0.2 0.1
After 5 years 19.1 16.4 – –
21.4 18.9 0.5 0.9
25. Capital commitments The Group The Company
––––––––––––––––––– –––––––––––––––––––
2004 2003 2004 2003
£m £m £m £m
Contracted for but not provided in the accounts 20.5 8.2 – –
26. Related party transactions
Certain directors of the company have made purchases from group companies during the year. These transactions were on normal arms length
terms at prices that were available to any member of staff. Total purchases did not exceed £1,500 for any individual director other than 
Frank McKay (£17,039) during the year ended 31 December 2004. The total balance outstanding at 31 December 2004 did not exceed £1,500
for any director. The board of directors, excluding the relevant director in each case, are of the opinion that none of these transactions are material
to either the company or the specific director. 
27. Reconciliation of operating profit to net cash inflow from operating activities
2004 2003
£m £m
Operating profit after amortisation of goodwill 200.8 176.1
Depreciation charges 32.3 26.9
Amortisation of goodwill 17.4 15.3
Profit on sale of fixed assets (0.2) –
Increase in stocks (15.7) (10.8)
Increase in debtors (14.3) (0.4)
Increase in creditors 27.5 27.3
Additional cash payments to the pension scheme (25.8) (3.6)
Net cash inflow from operating activities 222.0 230.8
28. Reconciliation of net cash flow to movement in net debt
2004 2003
£m £m
Increase in cash in year 12.5 6.7
Cash inflow from debt 33.3 27.0
Cash outflow/(inflow from) to increase/(to decrease) liquid resources 70.5 (2.5)
Movement in net debt in year 116.3 31.2
Net debt at 1 January (128.5) (159.7)
Net debt at 31 December (12.2) (128.5)
TRA VIS PERKINS PLC
75 29. Analysis of movements in cash, short term deposits and debt
At 1 At 31 At 31
January Cash December Cash December
2003 flow 2003 flow 2004
£m £m £m £m £m
Cash on call – 6.4 6.4 12.5 18.9
Bank overdraft (0.3)0.3 – – –
(0.3)6.7 6.4 12.5 18.9
Short term deposits 30.0 (2.5)27.5 70.598.0
Cash in balance sheet 29.7 4.2 33.9 83.0 116.9
Finance leases (0.3)0.1 (0.2)0.1 (0.1)
Bank loan (175.0)25.0 (150.0)30.0 (120.0)
Unsecured loan notes (14.1)1.9 (12.2)3.2 (9.0)
Net (debt)/cash (159.7) 31.2 (128.5) 116.3 (12.2)
30. Purchase of business undertakings
During the year the group acquired eight limited companies and the assets of nineteen other businesses, details of which on an individual basis
are not material to the financial statements. All the acquisitions were accounted for using the acquisition method of accounting.
On acquisition, the value of the assets of each business have been reviewed and where appropriate, been revalued to their fair values based on
either an independent valuation or a value based on group accounting policies. These fair value and accounting policy alignments, that are
included below, are based on the best information available currently and as such are provisional for all businesses acquired during the year ended
31 December 2004. Further adjustments may be necessary during 2005 when additional information is available.
2004 2003
––––––––––––––––––––––––––––––––––
Book Fair Fair Fair
value value value value
acquired adjustments acquired acquired
Net assets acquired £m £m £m £m
Tangible fixed assets 8.6 (0.2) 8.4 5.7
Stock 6.8 – 6.8 15.2
Debtors 8.1 – 8.1 14.6
Cash 1.6 – 1.6 4.6
Creditors (3.5)– (3.5) (14.2)
Taxation 0.1 – 0.1 –
Bank overdrafts and loans (0.4)– (0.4) (3.9)
Deferred tax – – – (0.1)
21.3 (0.2) 21.1 21.9
Goodwill 19.1 51.1
40.2 73.0
Satisfied by cash 40.2 73.0
TRA VIS PERKINS PLC
76 30. Purchase of business undertakings continued
Fair value Goodwill Cash paid Net Cash Enterprise
acquired acquired value
£m £m £m £m £m
Other 21.1 19.1 40.2 (1.2)39.0 
On the day following completion, the trade and assets of each acquired company were transferred into another Travis Perkins’ subsidiary. 
The acquired subsidiary companies are now dormant.
The individual results and cash flow effects of the acquired businesses are not sufficiently material to warrant separate disclosure. The acquired
branches have now been fully integrated into the Travis Perkins’ group accounting systems. As such, the directors are unable to calculate
meaningful cash flow effects of each of the other acquired businesses for the period of Travis Perkins’ ownership without incurring undue expense
and delay.
31. Gearing
2004 2003
Net debt £12.2m £128.5m
Shareholders’ funds £630.5m £477.0m
Gearing 1.9% 26.9%
32. Free cash flow
2004 2003
Like-for-like free cash flow, as referred to in the finance director’s report, is derived as follows: £m £m
Net debt at 1 January (128.5) (159.7)
Net debt at 31 December (12.2) (128.5)
Movement in net debt in year 116.3 31.2
Adjustment in respect of creditors paid in advance – (16.6)
Dividends 30.0 23.7
Special pension contributions 25.8 3.6
Net cash outflow for expansion capital expenditure 29.3 17.4
Net cash outflow for acquisitions 39.0 72.3
Shares issued (90.6) (3.5)
Like-for-like free cash flow 149.8 128.1
The definition of like-for-like free cash flow has been amended during the year to mirror that typically used by investment analysts.
TRA VIS PERKINS PLC
77 33. Return on equity
2004 2003
––––––––––––––––––– –––––––––––––––––––
£m £m £m £m
Return on equity, as referred to in the finance director’s report,
is derived as follows:
Profit on ordinary activities before taxation and goodwill amortisation 207.8 178.0
Closing net assets 630.5 477.0
Pension deficit 89.8 85.1
Closing goodwill written off 110.1 92.7
830.4 654.8
Opening net assets 477.0 395.4
Pension deficit 85.1 85.8
Opening goodwill written off 92.7 77.4
654.8 558.6
Average net assets* 709.2 606.7
Return on equity 29.3% 29.3%
* Due to the share issue in December 2004, a weighted average net assets has been used to calculate the average net assets for 2004.
34. Earnings before interest, tax, depreciation and amortisation
Earnings before interest, tax, depreciation and amortisation (“EBITDA”), as referred to in the finance director’s report is derived as follows:
2004 2003
£m £m
Profit on ordinary activities before interest and taxation 200.8 176.1
Goodwill amortisation 17.4 15.3
Depreciation 32.3 26.9
EBITDA 250.5 218.3
35. Post balance sheet event
As set out in the chairman’s statement on pages 4 and 5, on 11 February 2005, the group acquired Wickes for a total consideration of
approximately £980 million, representing a basic purchase price of £950 million debt free, plus the movement in working capital between 
31 October 2004 and the date of completion of £10 million and notional interest of £20 million.
TRA VIS PERKINS PLC
78 Profit and loss account 2004 2003 2002 2001 2000
£m £m £m £m £m
Turnover 1,828.6 1,678.3 1,417.5 1,279.3 1,181.2
Operating profit before reorganisation costs
and amortisation of goodwill 218.2 191.4 158.2 129.1 113.2
Reorganisation costs – – – – (5.0)
Amortisation of goodwill (17.4) (15.3)(12.1)(10.5)(10.0)
Operating profit after reorganisation costs
and amortisation of goodwill 200.8 176.1 146.1 118.6 98.2
Profit on sale of properties – – 1.2 1.4 0.3
Net interest payable (7.6) (9 .1)(8.9)(10.7)(12.7)
Other finance (costs)/income (2.8) (4.3)(0.8)1.2 1.6
Profit on ordinary activities before taxation 190.4 162.7 137.6 110.5 87.4
Tax on profit on ordinary activities (60.3) (53.8)(45.8)(35.5)(27.8)
Profit on ordinary activities after taxation 130.1 108.9 91.8 75.0 59.6
Return on equity
1
29.3% 29.3% 29.0% 27.3% 26.5%
1
The calculation of return on equity is shown in note 33 to the financial statements.
Cash flow statement 2004 2003 2002 2001 2000
£m £m £m £m £m
Net cash inflow from operating activities 222.0 230.8 179.8 166.9 104.7
Net cash outflow for returns on
investments and servicing of finance (8.0) (9.3)(8.3)(13.7)(10.2)
UK corporation tax paid (54.2) (50.9)(42.7)(34.7)(26.3)
Net cash outflow for capital
expenditure and financial investment (65.1) (46.9)(31.6)(24.2)(32.7)
Net cash outflow for acquisitions (39.0) (72.3)(111.5)(16.1)(23.8)
Equity dividends paid (30.0) (23.7)(20.0)(17.8)(15.8)
Issue of ordinary share capital 90.6 3.5 2.8 4.9 1.1
Increase in finance leases – – (0.1)– (0.3)
Increase in debt due to issue of loan notes – – (2.0)– (6.5)
Increase/(decrease) in cash balances 116.3 31.2 (33.6)65.3 (9.8)
Net debt at 1 January (128.5) (159.7)(126.1)(191.4)(181.6)
Net debt at 31 December (12.2) (128.5)(159.7)(126.1)(191.4)
TRA VIS PERKINS PLC
79
Five year record 2004 2003 2002 2001 2000
Number of branches at 31 December 751 700 610 502 473
Average number of employees 9,385 9,199 8,497 7,892 7,576
Earnings per ordinary share (pence)
Basic 113.9p 96.5p 81.9p 67.3p 53.8p
Adjusted 129.1p 110.0p 91.6p 75.5p 65.7p
Dividend per ordinary share (pence) 30.5p 24.4p 19.5p 17.2p 15.3p
Balance sheet 2004 2003 2002 2001 2000
£m £m £m £m £m
Tangible fixed assets 326.3 284.7 258.2 226.4 215.8
Intangible fixed assets – goodwill 287.4 285.7 249.9 187.3 191.7
Investments 3.9 4.3 4.6 4.9 5.2
617.6 574.7 512.7 418.6 412.7
Stocks 200.6 178.1 152.1 132.7 140.6
Debtors 287.8 265.4 250.4 215.7 211.9
Properties held for resale – 0.2 1.0 1.8 1.5
Cash at bank, in hand and deposits 116.9 33.9 30.0 37.0 9.8
Creditors: amounts falling
due within one year (405.4) (400.0)(300.6)(287.4)(263.3)
Net current assets 199.9 77.6 132.9 99.8 100.5
Total assets less current liabilities 817.5 652.3 645.6 518.4 513.2
Creditors: amounts due after
more than one year (65.0) (70.1)(150.3)(100.0)(150.0)
Provisions for liabilities and charges (32.2) (20.1)(14.1)(8.9)(5.7)
Pension (deficit)/asset (89.8) (85.1)(85.8)(22.7)2.3
630.5 477.0 395.4 386.8 359.8
Capital employed
Called up share capital 12.1 11.3 11.3 11.2 11.1
Reserves 618.4 465.7 384.1 375.6 347.6
Total equity shareholders’ funds 630.5 477.0 395.4 386.8 358.7
Minority interests – non equity – ––– 1.1
630.5 477.0 395.4 386.8 359.8
TRA VIS PERKINS PLC
80 Notice is hereby given that the forty first Annual General Meeting of Travis Perkins plc will be held at 
Lord’s Conference and Banqueting Centre, St. John’s Wood Road, London, NW8 8QN on W ednesday 27 April 2005
at 11.45 a.m. for the following purposes:
The resolutions
Resolutions 1 to 10 (inclusive) will be proposed as ordinary resolutions. Resolutions 11 to 13
(inclusive) will be proposed as special resolutions.
Ordinary business
1. To receive the Company’s financial statements for the year ended 31 December 2004 together with the directors’
report, the directors’ remuneration report, the auditors’ report on those accounts and on the auditable part of the
directors’ remuneration report.
2. To declare a final dividend for the financial year ended 31 December 2004 of 21.0 pence per ordinary share,
payable to shareholders on the register at the close of business on 22 April 2005.
3. To appoint, pursuant to Article 71 of the Companys’ Articles of Association, John Coleman who was appointed
as a director by the board on 10 February 2005. Biographical details of John Coleman appear on page 31.
4. To appoint, pursuant to Article 71 of the Company’s Articles of Association, Geoff Cooper who was appointed
as a director by the board on 1 February 2005. Biographical details of Geoff Cooper appear on page 30.
5. To re-appoint John Carter, who is retiring by rotation pursuant to Article 75 of the Company’s Articles of
Association. Biographical details of John Carter appear on page 30.
6. To re-appoint Michael Dearden, who is retiring by rotation pursuant to Article 75 of the Company’s Articles of
Association. Biographical details of Michael Dearden appear on page 31.
7. To re-appoint Peter Maydon, who is retiring by rotation, pursuant to Article 75 of the Company’s Articles of
Association. Biographical details of Peter Maydon appear on page 31.
8. To re-appoint Deloitte & Touche LLP , Chartered Accountants, as auditors of the Company to hold office from
the conclusion of this meeting until the conclusion of the next general meeting of the Company at which
accounts are laid and to authorise the directors to fix their remuneration. 
Special business
9. That the directors’ remuneration report for the financial year ended 31 December 2004 set out on pages 39 
to 47 be approved.
10. That the authority conferred on the directors by Article 4(B) of the Company’s Articles of Association be and is
hereby renewed for the period expiring fifteen months after the date of the passing of this resolution, or if earlier,
at the conclusion of the next Annual General Meeting and for that period the “section 80 amount” is
£1,439,526.
TRA VIS PERKINS PLC
81
Notice of annual general meeting TRA VIS PERKINS PLC
82
11. That, subject to the passing of Resolution 10, the power conferred on the directors by Article 4(C) of the
Company’s Articles of Association be and is hereby renewed for the period expiring fifteen months after the date
of the passing of this resolution or, if earlier, at the conclusion of the next Annual General Meeting and for that
period the “section 89 amount” is £404,535.
12. That the amendments to the Company’s Articles of Association as summarised in the directors’ report to
shareholders on pages 49 to 53 and produced to the meeting initialled by the Chairman, for the purpose of
identification, be approved.
13. That the Company be and is hereby generally and unconditionally authorised to make one or more market
purchases (within the meaning of section 163(3) of the Companies Act 1985) of ordinary shares of 10 pence
each in the capital of the Company (“ordinary shares”), provided that:
a. the maximum aggregate number of ordinary shares authorised to be purchased is 12,060,474 (representing 
10 per cent of the issued ordinary share capital of the Company as at 4 March 2005);
b. the minimum price which may be paid for an ordinary share is its nominal value of 10 pence, exclusive of
expenses;
c. the maximum price which may be paid for an ordinary share is an amount equal to 105 per cent of the
average of the middle market quotations for an ordinary share as derived from The London Stock Exchange
Daily Official List for each of the five business days immediately preceding the day on which that ordinary
share is purchased, exclusive of expenses;
d. this authority expires at the conclusion of the next Annual General Meeting of the Company or the date
fifteen months from the date of passing of this resolution, whichever is the earlier; and
e. the Company may make a contract to purchase ordinary shares under this authority before the expiry of
such authority, which will or may be executed wholly or partly after the expiry of such authority, and may
make a purchase of ordinary shares pursuant to any such contract.
By order of the board,
Andrew Pike   Secretary
Lodge W ay House, Harlestone Road, Northampton, NN5 7UG
4 March 2005
Registered in England No. 824821 TRA VIS PERKINS PLC
83
1. A member entitled to attend and vote at the meeting may appoint one or more proxies to attend and, on a poll,
vote instead of him. A proxy need not be a member. 
2. To be effective, the instrument appointing a proxy and any authority under which it is signed (or a notarially
certified copy of such authority) must be returned by post, courier or by hand, to the offices of the Company’s
Registrar, Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU.
CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment
service may do so for the Annual General Meeting to be held on 27 April 2005 and any adjournment(s) thereof
by using the procedures described in the CREST Manual. CREST Personal Members or other CREST sponsored
members, and those CREST members who have appointed a voting service provider(s), should refer to their
CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf. In
order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST
message (a “CREST Proxy Instruction”) must be properly authenticated in accordance with CRESTCo’s
specifications and must contain the information required for such instructions, as described in the CREST
Manual. The message, regardless of whether it relates to the appointment of a proxy or to an amendment to the
instruction given to a previously appointed proxy must, in order to be valid, be transmitted so as to be received
by the issuer’s agent (RA10) by the latest time(s) for receipt of proxy appointments specified in the Notice of
Meeting. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp
applied to the message by the CREST Applications Host) from which the issuer’s agent is able to retrieve the
message by enquiry to CREST in the manner prescribed by CREST. CREST members and, where applicable,
their CREST sponsors or voting service providers should note that CRESTCo does not make available special
procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in
relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to
take (or, if the CREST member is a CREST personal member or sponsored member or has appointed a voting
service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall
be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In
this connection, CREST members and, where applicable, their CREST sponsors or voting service providers are
referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST
system and timings. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out
in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001.
In each case the proxy appointments must be received by the Company not less than 48 hours before the time
appointed for holding the meeting or any adjournment thereof.
A form of proxy is enclosed with this notice. The appointment of a proxy does not preclude a member from
attending the meeting and voting in person, in which case any votes of the proxy will be superseded. 
3. Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, only those members entered on the
register of members of the Company as at 5.00 p.m. on 25 April 2005 shall be entitled to attend or vote at the
meeting in respect of the number of shares registered in their name at that time. Changes to entries on the register
of members after that time shall be disregarded in determining the rights of any person to attend or vote at the
meeting.
4. Copies of contracts of service of directors with the Company, or with any of its subsidiary companies, and of the
Articles of Association as proposed to be amended, will be available for inspection at the Registered Office of
the Company during usual business hours on any weekday (Saturdays and public holidays excluded) from the
date of this Notice to the date of the Meeting and at Lord’s Conference and Banqueting Centre from 11.15am on
the day of the meeting until the conclusion of the Meeting. 
5. The register of directors’ interests kept by the Company under section 325 of the Companies Act 1985 will be
produced at the commencement of the meeting and remain open and accessible during the continuance of the
meeting to any person attending the meeting.
Notes to the notice of annual general meeting Shareholder enquiries
Enquiries should be directed to the company secretary at the Company’s registered office (telephone 01604 752424;
email cosec@travisperkins.co.uk).
Share registrars’ on-line service
By logging on to www.capitaregistrars.com, clicking on “are you a shareholder” and following the prompts from the
drop down menu, shareholders can view and amend various details on their account. Please note that you may require
your unique investor code, which can be found on your share certificate or dividend tax voucher.
Financial diary
Annual General Meeting 27 April 2005
Payment of final dividend 16 May 2005
Announcement of interim results September 2005
Payment of interim dividend November 2005
Announcement of 2005 annual results March 2006
Share dealing services
HSBC Stockbrokers will be withdrawing their low cost share dealing service with effect from 1 April 2005.
However, from that date, an on-line and telephone dealing service from the Company’s share registrars,
Capita IRG, will be available by logging on to www.capitadeal.com or telephoning 0870 458 4577. For the
on-line service their commission rates are 1 per cent of the value of the deal (minimum £17.50, maximum £40) and
for the telephone service their commission rates are 1.25 per cent of the value of the deal (minimum £20,
maximum £50). A postcard is enclosed with the report and accounts giving details of the service, which you may
wish to retain for future reference.
Internet
There are sites on the Internet that carry a range of information about the Company and its principal brands, products
and services, at the following addresses:
www.travisperkins.co.uk www.buildthedream.co.uk  (Builders Merchants web site of the year 2003)
www.keyline.co.uk www.homedimensions.co.uk
www.toolmart.co.uk www.bmpublicsector.co.uk
www.cityplumbing.co.uk www.tpnet.co.uk
www.ccfltd.co.uk www.wickes.co.uk
www.tpph.co.uk www.tpextranet.co.uk (Builders Merchants web site of the year 2004) 
www.gardendimensions.co.uk 
Some of the sites provide information about branch locations and allow access to prices and the product range
available. Customers are also able to construct their own price quotation that includes any special price
arrangements that have been negotiated with the Company. During 2004, our e-billing service has been extended to
offer customers invoices, credit notes and statements by email.
TRA VIS PERKINS PLC
84
Other shareholder information Travis Perkins'
group branches
TRAVIS PERKINS  CITY PLUMBING  KEYLINE  CCF  WICKES  Registered office: Lodge Way House, Harlestone Road, Northampton  NN5 7UG
Tel: 01604 752 424
TRA VIS PERKINS PLC TRA VIS PERKINS PLC
DESIGN · RWH DESIGN CONSULTANTS   PHOTOGRAPHY · CALVIN HEWITT   PRINT · FOLIUM Travis Perkins, Lodge Way House, Harlestone Road, Northampton  NN5 7UG  Tel: 01604 752 424
TRAVIS PERKINS PLC ANNUAL REPORT & ACCOUNTS 2004
TRA VIS PERKINS PLC
2004
ANNU AL REPOR T & A CCOUNTS
A Leader in Builders’ Merchanting and Home Improvement Retailing