22nd Oct 2015 06:14
LONDON (Alliance News) - Travis Perkins PLC on Thursday said its 2015 earnings are set to come in at the low end of market expectations due to continued challenges in its key markets in the third quarter.
The blue-chip builders' merchant and home improvement retailer said that despite planning for a reduction in repair, maintenance and improvement markets over the summer months, the actual slowdown in the market was worse than had originally been expected.
Despite continuing to outperform the weak market, the tougher-than-expected conditions mean the group now anticipates its full-year 2015 earnings before interest and taxation will be at the low end of market expectations.
For the third quarter to the end of September, Travis Perkins posted total sales growth of 5.5%, with like-for-like sales growth of 2.6%.
Chief Executive John Carter said there has been a pick up in volumes in the fourth quarter so far, as the group had expected to see.
By Sam Unsted; [email protected]; @SamUAtAlliance
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