Travis Perkins turnover up 6.5%

Published:  14 December, 2010

NORTHAMPTON: Travis Perkins reported turnover for the 11 months to the end of November up 6.5% as it prepares to complete its takeover of BSS Group.

The company also saw an improvement in sales trends in the last two months to November 30, although it expected the poor weather in December "to have some impact on our sales trends and financial performance for the last month of the year."

It added, however, that it was keeping its outlook for the full year unchanged.

Total turnover in its merchanting division rose 8.3% while like-for-like turnover per trading day was up 7.8% Turnover per trading day for the last two months to November 30 jumped 10.5%.

Gross margins for the second half of the year to date are in line with the trend of the first six months, slightly below last year, the company said.

In Wickes, total turnover for the 47-week trading period to November 27 was up 2.7% with like-for-like turnover per trading day up 0.6%. In the last eight weeks, however, like-for-like turnover per trading day in Wickes rose 4.2% as shoppers showed evidence of buying ahead of the government's VAT increase, the company said.

Travis Perkins expects to complete its acquisition of BSS Group later today. When completed, the deal will create the country's biggest plumbing and heating trade and retail distribution. Travis Perkins announced the deal for 558 million pounds in July.

The company said its underlying net debt, before the acquisition of BSS Group, fell in the fourth quarter from the £410m reported on 30 June.

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