The group’s revenue increased by 7.8% to £2.94bn. In the general merchanting division TP saw sales grow by 7.8%, with particularly strong growth in heavyside categories.
The consumer division (which includes Wickes) saw a sales increase of 8.6% to £693m, with like-for-like sales above 6% through the first half of the year.
A total of 12 new format TP branches and three new format Wickes stores opened during the period. Three heavyside range centres are now operational, with Tilbury joining Warrington and Cardiff.
“In the UK, demand for housing continues to outpace supply,” said TP.
“Population growth, immigration and a trend towards smaller family units is creating around 225,000 new households per year, while only 141,000 new homes were built in 2014.
“This demand for houses along with historic under-investment in the existing housing stock gives a reasonable expectation of growth in both the new housebuilding and the repair, maintenance and improvement (RMI) markets.”
But a mortgage approval lag late last year reduced the number of secondary housing market transactions, which had a negative impact on RMI sales in the second quarter of 2015.
Mortgage approval rates have since increased, which TP says gave confidence of further RMI growth in the second half of 2015.
