(Alliance News) - Travis Perkins PLC on Tuesday said that it has made good progress on the demerger of its home improvement retailing unit Wickes.
"The process is progressing well, and is on track to be completed in the second quarter of 2020," the builders' merchant said a short statement.
In July, Travis Perkins announced its decision to demerge consumer-facing retailer Wickes as part of its plan to focus on trade customers and simplify the business. In the six months to the end of June, Wickes grew revenue by 8.9% to GBP695 million, with like-for-like growth 9.7% year-on-year. Adjusted operating profit in the division was up 49%
Travis Perkins shares were down 1.6% at 1,528.50 pence each in London on Tuesday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Travis Perkins (TPK)