Travis Perkins remains resilient

Travis Perkins plc has announced its Q3 2022 trading update for the three months to 30 September 2022 where the group has maintained a solid trading performance with total sales growth of 10.7%* and like-for-like sales growth of 7.4%.

The Merchanting businesses continue to outperform their markets, delivering total sales growth of 11.5%* with trading performance remaining consistent throughout the quarter. 

Toolstation returned to growth with total sales up by 6.1%* and like-for-like sales up 0.2% year-on-year with the trend improving throughout the quarter. The European business continues to progress well, seeing total sales growth* of 23.3% in the quarter, and Toolstation remains on track to roll out around 80 new branches in 2022, split equally across the UK and Europe.

Given the challenging market backdrop, the Group remains focused on the recovery of elevated levels of input cost inflation and continues to tightly manage the operating cost base.

Whilst forward visibility is limited, reflecting the uncertain macroeconomic situation, the Group expects to build on the current resilient performance and deliver a full year operating profit around the middle of the current range of market expectations, which is between £304m to £340m.  

Nick Roberts, Chief Executive, said: “The Group has delivered a solid performance during the third quarter with the Merchanting businesses again outperforming their markets and an improved performance in Toolstation. We continue to benefit from our diverse end market exposure from small independent builders through to large contractors delivering national infrastructure projects.   

During the second half of the year we have seen growing macroeconomic uncertainty. We are focused on maintaining cost discipline in our businesses and the actions taken to simplify our operating structure in recent years have created the flexibility to adapt to changing market conditions.”