Builder’s merchant Travis Perkins is on the hunt for a new chief executive as incumbent Nick Roberts wants to step down after five years in the role.

Chairman Jasmine Whitbread said that Roberts’ successor will be tasked with improving its performance. Earlier this month, Travis Perkins reported that its 2023 pre-tax profits had crashed 71.4 percent to £70million.

“While there has been good progress made in modernising the business, the Board fully recognises its under performance over recent reporting periods, in the context of continued economic challenges and end market weakness,” Whitbread said.

“We remain fully focused on improving profitability and enhancing cash generation, as well as accelerating changes to our operating model to create a simpler, more efficient business, well positioned to emerge stronger when markets recover and to grow shareholder value.”

In the interim, Roberts, who oversaw the demerger of DIY chain Wickes in 2021, has agreed to stay on until a successor has been identified. At its annual results, he said that Travis had been though a “challenging year in weak market conditions”.

Travis blamed the weak new build housing market, along with weak consumer confidence hitting sales of repair, maintenance and improvement items, for its revenues sliding 2.7 percent to £4.9billion. That fall in revenues, along with write-offs and site closure and restructuring costs, combined to send its profits into free fall.