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:
 financial highlights
for the year ended 31 december 2003
£m 2003 2002
turnover 16783 14175
operating profit before amortisation
of goodwill 1914 1582
profit on ordinary activities before taxation 1627 1376
profit on ordinary activities after taxation 1089 918
total equity shareholders’ funds 4770 3954
earnings per ordinary share
basic 965p 819p
adjusted before amortisation 
of goodwill and profit
on sale of properties note 9 1100p 916p
dividend per ordinary share 244p 195p
turnover up 184
profit before taxation up 182
basic earnings per share up 178
adjusted earnings per share up 201
dividend per ordinary share up 251
adjusted
earnings 
per share  
pence
120
100
80
60
40
20
0
99 00 01 02 03
profit before
taxation  
£m
180
160
140
120
100
80
60
40
20
0
99 00 01 02 03
turnover
£m
99 00 01 02 03
1800
1600
1400
1200
1000
800
600
400
200
0
1
tra vis perkins plc
see details of goodwill amortisation in the profit and loss account on page 50 2
premises the size of the london
school of economics require the
almost permanent presence of
painters and decorators 
in this case sykes one of the biggest painting contractors in britain has a
contract until 2006 to repaint the london school of economics
sykes rely on travis perkins for paint supplies because their blackfriars
branch has the specialist skills to mix 12000 colours from only four base
colours and 16 colourants using the ici dulux system with 
inhouse calibration
travis perkins the
name behind the
colours of the lse
“
”
tra vis perkins plc 3
tra vis perkins plc
in fact travis perkins supplies sykes with
paint not only for the lse but for their
contracts to paint many government and royal
premises including buckingham palace and
clarence house the tate modern the foreign
and commonwealth office the national
portrait gallery kew gardens the royal
courts of justice and many others