Travis Perkins PLC on Thursday reported third-quarter revenue improvement, as volumes rose during the period.
The Northampton, England-based building materials company said revenue in the three months that ended September 30 rose 0.3% from the previous year.
Like-for-like revenue was 1.8% higher on-year, as LfL volumes advanced by 2.2%. Still, Travis Perkins noted a 0.4% price and mix decline. Year-to-date, total revenue is down 1.3%.
The company said efforts to boost its General Merchant business had progressed well, though trading for Specialist Merchants remains ‘subdued’.
Merchanting saw total revenue decrease by 0.3% in the third-quarter and 2.1% on a YTD basis. Toolstation revenue rose by 3.0% during the quarter, and has grown 2.8% YTD.
‘In the third quarter we have consciously focused on building top-line momentum and regaining market share in the Merchanting businesses. I am pleased with how our teams have responded to this challenge with Merchanting returning to revenue growth and our operating performance stabilising,’ commented Chair Geoff Drabble.
‘In what remains a highly competitive market, we have invested in pricing and targeted promotions and will continue to do so in the near-term. We continue to demonstrate good discipline on capital allocation and overheads which will allow us to reinvest in our proposition and position.’
Travis Perkins shares were 0.8% higher at 647.00 pence on Thursday morning in London.
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