LONDON (dpa-AFX) - Travis Perkins plc (TPK.L), on Thursday, issued a Q3 trading update and reported a 5.7% decline in group revenue, hit by the Merchanting segment. Like-for-like revenue for the period was down by 6.8%.
Given the shortfall in the Merchanting segment, the Board now expects FY24 adjusted operating profit to be around £135 million.
Further, the company expects to see positive growth in these underlying markets over the next twelve months, but this growth will be slow and non-linear at the outset, with the benefit to financial performance starting to be realised in the second half of 2025.
Pete Redfern, Chief Executive of Travis Perkins plc, said, '.Over the last nine months the team has made good progress on implementing cost discipline, improving working capital management and exiting Toolstation France. In addition to supporting these ongoing actions, my immediate priorities are driving and incentivising branch-led performance and motivation, identifying further ways to make the business run more efficiently and ensuring that we turn and face the anticipated recovery in the UK construction market.'
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