Travis Perkins grows revenue and market share
Building merchant and DIY retailer Travis Perkins has posted a 54% increase in its first-half revenue.
The company's revenue for the six months to 30 June was £2.3 million, up from £1.5 million a year ago. Pre-tax profit increased by 20.5% to £129.2 million from £107.2 million last year.
In its retail division, like-for-like sales were up 0.3%. Revenue at Wickes increased by 2% and core sales increased by 4.1%, partly due to a 40% increase in sales from the company’s multi-channel operation, which represents 6% of its business. Kitchen and bathroom sales were down 13.2% year-on-year.
Travis Perkins said its acquisition of 13 of the failed Focus stores was helping it to roll out its smaller store formats in catchment areas that previously might not have supported a larger store. By the end of the year, the company plans to operate at least 212 full stores, an increase of 17 since December 2010.
Tile Giant saw overall turnover increase by 9.3%. Like-for-like sales grew in the first quarter, but there was a 0.6% reduction for the first half as a whole.
Travis Perkins said its outlook for the full year remained unchanged. The company has benefitted from its purchase of BSS a year ago which is offsetting a weaker trading pattern.
Chief Executive Geoff Cooper said: "We are now the largest provider of building materials in the UK, and we have market-leading customer propositions that are delivering further gains in market share. We also have an excellent track record of outperforming our market and driving financial performance over a sustained period and consequently look forward to the future with confidence."
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