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Builders and plumbers merchant Travis Perkins plc reports ‘good progress, in its latest interim management statement, released this morning (May 14).
Travis Perkins’ group revenue for the four months to April 30 was up 4.4%, with like-for-like market share gains in the general merchanting, specialist merchanting, plumbing and heating divisions.
Total revenue in general merchanting rose 6.1% and 6.3% in specialist merchanting, although it fell 3.1% in plumbing and heating.
The consumer division, which includes Wickes, Tile Giant and Toolstation, saw revenue rise 14.1%.
The company reports that the first quarter was good, although, the record levels of rainfall contributed to a weaker performance in April and the early part of May.
The integration of BSS, following the acquisition, continues to progress well as the group rolls out new branch trading systems. The synergy programme remains on course to deliver £30m of gains this year.
Underlying net debt has reduced by £50m in the four months to 30 April from the £583m reported at 31 December 2011, with the group on track to meet its £450m year-end net debt target.
Chief Executive Geoff Coopersaid: “We are pleased with the good progress in the first quarter, in particular the balance between continued share gains and our achievements on gross margins.”
