Travis Perkins builds sturdy sales growth as cost inflation swells four per cent
Building materials business Travis Perkins has posted solid sales growth in its third quarter trading update, which flies in the face of global supply chain troubles and a raw material pricing crisis.
The London-listed builders merchants has continued a pandemic-era momentum – which saw many households undertaking DIY projects during lockdown – with like-for-like sales growth of 13.1 per cent.
The board now expects that adjusted operating profit for the full year push past current market forecasts, and will be at least £340m.
Inflationary pressure which has struck the industry has accelerated around four per cent in the period – swelling from around seven per cent in the second quarter to around 11 per cent in Q3, Travis Perkins revealed.
Chief Executive Nick Roberts said: “The group has delivered a strong performance in the third quarter and is navigating well-documented supply chain and cost inflation challenges very capably. End market demand remains robust and we are confident that we are in a strong position to deliver future growth.”
The business added that it continues to benefit from its supply chain network and supplier relationships.