Problems in Travis Perkins' (TPK) plumbing and heating division contributed to an exceptional non-cash charge of £235m against goodwill and tangible assets in its full-year results, as well as a further £57m to cover the closure costs of underperforming branches, supply chain rationalisation and restructuring. Otherwise, the builders' merchant managed last year's challenges reasonably well, with adjusted operating profit edging ahead to £392m. But the nasties sent the share price down 6 per cent on the day.
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