news14 May 2012 08:42
UPDATE 1-Travis Perkins says winning share as sales rise
14 May 2012 07:37
Says confident of meeting consensus expectations
4 months to April 30 group revenue up 4.4 pct
Says winning share in all divisions
Says had good Q1 but rain impacted April
LONDON, May 14 (Reuters) – British builders' merchant and do-it-yourself retailer, Travis Perkins, said it was on track to meet profit expectations for the year after posting a rise in sales and market share gains in the first four months of the year.
The group, which also trades as City Plumbing, Keyline, Tile Giant, Wickes and BSS, said on Monday group revenue rose 4.4 percent in the four months to April 30, with gross margins in line with last year.
"Overall at a group level the outlook for the year remains unchanged and we remain confident of meeting consensus expectations," said the firm.
Travis Perkins said it continued to gain like-for-like market share in all of its four divisions – general merchanting, specialist merchanting, plumbing and heating, and consumer.
Like-for-like sales were up 2.6 percent in general merchanting but down 5.2 percent in the consumer division.
"After a good first quarter, record levels of rainfall contributed to a weaker performance in April and the early part of May where activity levels at sites continue to be impacted by the very wet weather," added the firm.
Net debt was reduced by 50 million pounds ($80 million) in the period to 583 million pounds and the firm said it was on track to meet its 450 million pounds year-end net debt target.
Shares in Travis Perkins, up 16 percent over the last six months, closed Friday at 992 pence, valuing the business at 2.42 billion pounds. ($1 = 0.6212 British pounds)
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