Published on 29 - July - 2010

News

Travis Perkins has posted interim results ahead of management expectations for the six months to June 30, 2010.


Group revenue rose by 5% to £1,522m, beating management expectations of 4.7% for the period, while adjusted profit before tax went up 24% to £112m.

Both the company's retail and merchanting divisions increased market share on a like-for-like basis. For the first half of 2010, Wickes' overall revenue increased by 1.7%. Like-for-like turnover per trading day was down 0.5% with core products down 3.3% and kitchen and bathrooms turnover up 11.6%.

Wickes has added three stand alone kitchen and bathroom stores to its portfolio in H1 with a further two planned for H2.

Tile Giant has continued to grow and take market share following its acquisition by Travis Perkins in November 2007, said the report. Tile Giant's like-for-like turnover for the period was up 3.5%. Six outlets were added in H1, taking the total to 92 at the end of June.

Travis Perkins chief executive Geoff Cooper said: "We have performed ahead of our expectations in the first half of 2010. We remain determined to further develop our customer propositions via an exciting programme of organic growth initiatives with the aim of stretching our lead over competitors. While we continue to see modest market growth following a severe recession, we view the future with confidence."

The proposed interim dividend of 5p per share for the year ending December 31 was approved by the board on July 28 and will be paid to shareholders in November.

Travis Perkins recently acquired The BSS Group, creating the UK's largest plumbing and heating distribution business.

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