Travis Perkins sales decline as lower volumes offset higher prices

Travis Perkins PLC reported a drop in third quarter sales reflecting a subdued UK construction market.

The Northampton-based building materials supplier said revenue declined 1.6% in the three months ended September 30 from the year prior. Like-for-like revenue fell 1.3%, with price growth of 5.9% offset by a 7.2% drop in volume.

Year-to-date, sales are 1.8% lower, including a 0.9% LFL decrease.

In a trading statement, the firm said UK construction output and volumes remain subdued, most notably in new build residential, as macroeconomic uncertainty persisted.

The Merchanting businesses continue to actively manage their transaction mix, prioritising higher margin trade and protecting the group against credit risk in the current environment, it added.

In addition, Travis Perkins pointed out it is annualising the deeper promotional activity undertaken in the same quarter last year.

Toolstation UK delivered solid revenue growth in the quarter, but Toolstation Benelux performance remains "challenging". Travis said it continues to "explore opportunities" for the Benelux arm arising from its current strategic review to address this.

Shares in Travis Perkins were down 1.2% at 586.88 pence each in London on Thursday.

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