Like-for-like sales grew by 3.9% at Travis Perkins during its third quarter, however like-for-like sales for the year are down 11.8%.
In a statement to London Stock Exchange the company noted: “The progression of sales recovery has continued throughout Q3, particularly in the trade focused businesses. During July, volumes picked up strongly as markets exited the lockdown period. Trading in August was modestly softer, impacted by a protracted holiday season, before then picking up again in September in line with schools reopening and many trades returning to a more normal work schedule.”
Nick Roberts, Chief Executive, said: “We have reported a positive overall like-for-like sales performance in the quarter as our markets have continued to recover following the impact of the national lockdown earlier this year. This has been driven by a strong recovery in demand across domestic RMI markets, benefitting the Travis Perkins, City Plumbing, Wickes and Toolstation businesses who serve these markets. Currently this domestic RMI trend remains strong.
“Whilst local trade activity has recovered well, our trade businesses continue to experience a lag in recovery from larger housebuilding and construction projects. However, there are signs of increasing workflow across these sectors as underlying demand strengthens as businesses have adapted to new and safe ways of working that enable them to keep sites open during periods of local lockdown.
“During the quarter, we have made further progress in strengthening the core of our trade businesses, in addition to completing the disposal of Tile Giant.
“Our excellent cash generation this year has built a strong liquidity position, and combined with the decisive actions taken in June to realign our cost base to the new trading environment we are confident in both the Group’s ability to navigate the near-term uncertainty, as well as our position for the long term as we build towards becoming the leading partner for the construction industry.”