Trading update

RNS Number : 9079Z

Travis Perkins PLC

30 September 2009

 



TRAVIS PERKINS PLC

('Travis Perkins', or 'the Company')

Trading update

Travis Perkins, the leading UK builders' merchant, today issues this Interim Management Statement for the third quarter to the end of September 2009. 

In total Group turnover for the nine months to the end of September is down 11.0% compared to the equivalent period in 2008. 

For the first nine months of 2009 total turnover in our merchanting division is down by 15.6%. Whilst like-for-like turnover per trading day for this period was down by 16.3% like-for-like sales for the third quarter have improved to 11.9% down as 2008 comparatives ease. Volume relative to peak levels in early 2008 has yet to show signs of sustained improvement and pricing pressure remains with the rate of sales price inflation continuing to decline.

Total turnover in the general merchanting business is down by 15.9% with like-for-like turnover per trading day down by 16.8%. For this period our specialist merchanting business has total turnover down by 15.0% and like-for-like turnover per trading day down by 15.4%. 

In Wickes total turnover for the 39 week trading period to 26 September was up 0.7%.  For this period like-for-like sales per trading day were up by 0.7%, with core products down by 3.0% but showroom sales up by 20.8%. However, for the last thirteen weeks the total like-for-like turnover per day was up by 7.8%. Overall the investment in increased awareness of our improved kitchen and bathroom ranges continues to be successful.

With our continuing focus on cost control and cash generation, net debt has continued to reduce in the third quarter from £527m at 30 June 2009.  

These sales trends mean that the Group trading for the last three months is ahead of our expectations. However, our outlook for 2010 remains unchanged from that stated in our June interim results announced in July and therefore, given the current uncertainty over the course of this current recession, our view of the current market consensus for 2010 also remains unchanged. 

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Enquiries:
Geoff Cooper, Chief Executive
Paul Hampden Smith, Finance Director
Travis Perkins PLC	[phone]
David Bick/Mike Feltham/Mark Longson
Square1 Consulting Limited	[phone]

 

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