Travis Perkins’ CEO has said that the builders’ merchant has continued to recover well, but remains cautious as to the near-term headwinds facing the business and the wider economy.
According to a trading update, group revenue for the first six months of 2020 was £2.78bn, down 20% on the same period in 2019 (£3.48bn) due to the significant impact of the COVID-19 pandemic and resulting lockdown.
The Northampton-based company says that merchanting businesses have continued to recover well, with the improvement in RMI markets and infrastructure spending proving to be more robust than the new housebuilding and commercial construction markets. The firm added that plumbing & heating markets are also recovering more gradually as projects are predominantly carried out indoors.
Nick Roberts, CEO, said: “Since the trading update on 15 June, the business has continued to recover well with good demand from RMI and infrastructure markets offsetting ongoing challenges in the new build and commercial construction sectors.
“We remain cautious as to the near-term headwinds facing our business and the wider economy, nevertheless the decisive actions we have taken to manage our cost base mean that we are well placed to continue to service our customers, support our colleagues and generate value for our shareholders.”