17th Oct 2014 06:31
LONDON (Alliance News) - Travis Perkins PLC Friday said the encouraging momentum in its business reported in its half-year results has continued, with total sales and like-for-like sales growing in the third quarter and trading consistent with that seen in the first half.
The FTSE 100-listed building merchant said total sales increased 6.9% in the quarter to September 30 year-on-year, with like-for-like sales increasing 5.7%.
The group saw positive sales growth across the majority of its businesses, including total sales rising 11.9% in its General Merchanting arm and 8.5% in its Consumer business, but year on year. The only weak spot came in its Plumbing & Heating arm, where sales contracted 3.2%, proving weaker than the group had expected.
It said the Plumbing & Heating business had suffered from the branch network reconfiguration it undertook, with market volume declining due to a later start for the plumbing and heating season.
In the year to date, total group sales have increased 9.8% on the year-prior period, the group said, with like-for-like sales rising 8.6%.
Price inflation in the quarter was slightly below expectations, the group said, with General Merchanting and Contracts posting inflation at broadly the same levels as the second quarter.
Plumbing & Heating saw further price deflation due to a competitive market and weak volumes, the company said, while Wickes price inflation continued at similar levels to the first half.
"Trading has remained strong for most our our businessses, and the group's continued good performance is underpinned by the successful introduction of a number of self-help initiatives," said Travis Perkins Chief Executive John Carter.
"We have outperformed our markets whilst making strategic investments that we are confident will support continued market share gains," Carter added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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