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Travis Perkins keeps outlook as revenues rise

Builders merchant Travis Perkins said turnover for the 11 months to the end of November rose 6.5 percent and kept its outlook unchanged, as it prepares to complete its takeover of BSS Group BTSM.L.

The company also saw an improvement in sales trends in the last two months to November 30, although it expected the poor weather in December "to have some impact on our sales trends and financial performance for the last month of the year."

It added, however, that it was keeping its outlook for the full year unchanged.

Total turnover in its merchanting division rose 8.3 percent while like-for-like turnover per trading day was up 7.8 percent. Turnover per trading day for the last two months to November 30 jumped 10.5 percent.

Gross margins for the second half of the year to date are in line with the trend of the first six months, slightly below last year, said the company.

In Wickes, total turnover for the 47 week trading period to November 27 was up 2.7 percent with like-for-like turnover per trading day up 0.6 percent.

In the last eight weeks, however, like-for-like turnover per trading day in Wickes rose 4.2 percent as shoppers showed evidence of buying ahead of the government's VAT increase, the company said.

Travis Perkins also expects to complete its acquisition of BSS Group later on Tuesday. When completed, the deal will create the country's biggest plumbing and heating trade and retail distribution. Travis Perkins announced the deal for 558 million pounds in July.

The company also said its underlying net debt, before the acquisition of BSS Group, fell in the fourth quarter from the 410 million pounds reported on June 30th.

Source : Brenda Goh - Reuters

14 December 2010
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