Travis Perkins has reported “flat” like-for-like sales in its merchanting division during March and April, with markets continuing to slow down.
Group chairman Tim Stevenson, giving a trading update at the company’s AGM today, said despite the slowing market, the company had made “good progress” in the first four months of 2008.
Total turnover in the merchanting division was up by 8.2% (like-for-like sales per trading day was 3%)
Mr Stevenson said flat sales in March and April reflected the slowdown, an early Easter and a strong comparative period last year.
In the retailing division, Wickes saw a like-for-like sales decline of 3% during the 17 weeks ending April 26.
“As indicated in March, we expect our markets to weaken further as the year progresses. Recent lead indicators, particularly from the housing market, and on declining consumer confidence and disposable income, confirm this continued slowing of activity levels.”
Travis Perkins has also refinanced its five-year borrowing facility. The new £1bn facility, together with US$400m raised through a US private placement, will support the group network expansion strategy.
