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Travis Perkins plc releases interim results

Published: 30 July 2008
Revenue up 5.4% to £1.671 million for six-month period to June 30.
Travis Perkins plc releases interim results
Travis Perkins has reported good progress throughout the group against a background of weakening markets. It has continued to gain like-for-like (lfl) market share in both its merchanting and retail divisions, with a 5.4% growth in revenue in the six months to June 30, compared with the same period last year.

Group operating profits rose by 0.2% to £156 million with the group's operating margin at 9.3% against 9.8% last half-year.

The group's retail division performed well, growing turnover whilst delivering earnings before interest and taxes (EBIT) broadly level with last year at £31.3 million.

Total turnover in the retail division for the first half was up 6.3% - Tile Giant represented 2.3% of this increase and Wickes 4%.

For the six-month period, Wickes like-for-like sales per trading day were down 1.1%, with core products down 1% and showroom sales down 1.3%. However, sales trends in the second quarter strengthened slightly, with total lfl daily turnover in the last eight weeks up 2.3% over the same period last year.

According to the report, Wickes has continued to improve operational standards in stores and to refine its product ranges, which is reflected in an increase of 4.3% in Wickes' average transaction value for core products.

The group report added: "Wickes has also further developed its channel strategy, boosting sales through its website and trialling a transactional catalogue in the Midlands. Apart from growing sales and making a positive contribution to EBIT, this has increased footfall in our store network."

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