Travis Perkins beats its target despite weakness in boiler sales
Travis Perkins shares rose 2.8 per cent yesterday after Britain’s biggest supplier of building materials posted a 5.1 per cent rise in first-quarter like-for-like sales.
The increase, which beat its target, was driven by growth in the general merchanting and contracts units, while its plumbing and heating division faced a 3.7 per cent fall, which was anticipated.
The company said sales declines in that arm were driven by the Government ECO scheme, which pulled forward 2013 boiler sales into the first quarter of 2014.
Travis Perkins, which also owns the Wickes DIY chain, Tile Giant and City Plumbing Supplies, said its total sales growth was 7.2 per cent and that its two-year like-for-like sales growth of 18.4 per cent showed “strong and consistent progress”.