tra vis perkins plc
2003
annu al repor t  a ccounts
travis perkins plc annual report  accounts 2003
travis perkins lodge way house harlestone road northampton  nn5 7ug  tel 01604 752 424 financial highlights 1
chairman’s statement 4
chief executive’s review 8
finance director’s report 14
corporate social responsibility report 20
directors and professional advisers 32
corporate governance 34
audit committee report 37
remuneration report 39
nominations committee report 45
directors’ report 46
statement of directors’ responsibilities 48
auditors’ report 48
consolidated profit and loss account 50
balance sheets 51
statement of total 
recognised gains and losses 52
analysis of actuarial gains and losses 52
reconciliation of movements 
in equity shareholders’ funds 52
consolidated cash flow statement 53
accounting policies 54
notes to the accounts 57
five year record of group results 74
notice of annual general meeting 76
notes to the notice of annual general meeting 78
other shareholder information 79
contents
registered office lodge way house harlestone road northampton  nn5 7ug
tel 01604 752 424
tra vis perkins plc tra vis perkins plc
travis perkins
group branches
at 31 december
2003
travis perkins 

Summary:
 4
tra vis perkins plc
results
i am pleased to report pretax profits for the year ended
31 december 2003 of £1627 million an increase of
182 per cent over the £1376 million earned in 2002
turnover at £16783 million was 184 per cent ahead of
the previous year operating profit before goodwill
amortisation of £153 million 2002 £121 million was
£1914 million compared with £1582 million in 2002 an increase of 21 per cent
basic earnings per share were up 178 per cent at 965 pence compared with 819 pence in 2002
adjusted earnings per share prior to amortisation of goodwill and excluding profit from the sale of
surplus properties rose 201 per cent to 1100 pence from 916 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 168 pence per
share an increase of 254 per cent on the final dividend of 134 pence for 2002 together with the
interim dividend of 76 pence this would give a total annual dividend of 244 pence per share up 251
per cent on the previous year
board of directors
chris bunker joined the board as a nonexecutive director on 14 january 2004 he is currently the
group finance director of thames w ater and brings to the company a wealth of financial experience
chairman’s statement
for the year ended 31 december 2003 5
tra vis perkins plc
gained from working in other major uk public companies he was appointed to the audit
committee on 12 february 2004 and will take over the chairmanship from michael dearden on 
29 april 2004
corporate governance
during the year the group 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
outlook
w e are delighted with the 2003 results which were achieved on the back of excellent acquisition
and organic growth w e have made a positive start to 2004 and given reasonable market conditions
are well placed to make further progress in the current year growth will come from recent as well
as new acquisitions combined with the further expansion of brownfield developments and still
greater operating efficiencies
t e p stevenson  chairman robert todd is neither a builder 
nor a developer but he took on 
the task of building his own luxury
detached property 
he did approximately half the work himself – taking on joinery drainage 
and plumbing
tp durham provided most of his materials including concrete bricks timber
roof tiles and trusses as well as plumbing materials and bathroom fittings 
he even chose tp hire for cement mixers generators and other 
heavyduty equipment
6
tra vis perkins plc
tp really did go the
extra mile
“
” 7
robert todd maintains that tp durham
treated him as if he were a major contractor
“they showed a real interest from the
beginning of my project to the end from
counter staff to accounts tp staff could not
have been more helpful they even arranged
and attended a meeting with a roof truss
manufacturer to ensure they met specifications
and when i finished they came out from tp
durham to look at the end product tp really
did go the extra mile”
tra vis perkins plc