Builders' merchant says revenue up 2.2% since December last year

Builders’ merchant Travis Perkins has announced a marginal increase in turnover and profits in the four months since 31 December 2009.

In an interim management statement group revenue was up 2.2%, with like-for-like sales up 1.4 %.

Revenues for its merchanting division increased 3.3% including like-for-like growth of 2.8%, compared with the same period last year while revenue in its retail division rose 0.3%, with like-for-like sales declining 1.7% compared with the same period in 2009.

Geoff Cooper, chief executive, commented: "Although consumers and homeowners still appear to be waiting to see what life is going to be like on this side of the election, we are pleased with the overall progress the group has made in the first four months of the year.

"Current trading is ahead of management expectations, helping us to make inroads into the adverse effects of the weather-affected first two months of the year”.

The group has continued its programme of active management of its property portfolio and has recently agreed the sale of part of its freehold site in Guildford yielding £18m of cash.

The Group debt position continues to reduce in line with expectations. On 31 March 2010 the Group purchased £84.3m of its term loan at a discounted value realising a profit of £2.6m on the transaction.

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