Travis Perkins grows revenue in tough market
At depots open for more than a year, the firm’s builders merchant division saw revenue increase by 12.8% whilst DIY retailer Wickes achieved an increase of 1.9%. However, kitchen and bathroom sales were down 12%, which the group said was a reflection of “weakening consumer confidence for major purchases.” BSS, the plumbing and heating specialist which Travis Perkins purchased last year, increased revenue by 2.3%.
Geoff Cooper , chief executive , commented: "After strong early progress against weak weather related comparatives, we are pleased with the overall progress the Group has made in the first four months of this year. Current trading is in line with management expectations with the benefit of strong sales performance balancing a slightly lower gross margin in merchanting.”
He added: "We continue to take market share against a tough market backdrop, confirming the sustainable strength of our organic growth strategy. Our more positive merchanting and BSS performance is more than balancing the effect of a challenging consumer environment for our retail business.”
Travis Perkins, which has 1,827 branches throughout the UK, said it was currently on target to achieve its year-end debt target of £650 million.
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