Travis Perkins has seen revenue rise in its third quarter, as actions taken to sharpen its competitive proposition in the Merchanting segment have improved sales performance.
Group like-for-like sales were up 1.8%, with Merchanting revenue up 1.7%. Trading at Toolstation, meanwhile, was “solid,” with like-for-like revenue growth of 2.3%.
The business noted that it continues to make good progress on enhancing cash generation which is further strengthening the group’s balance sheet.
Geoff Drabble, chair of Travis Perkins plc, said: “As we outlined at our half year results, in the third quarter we have consciously focused on building top-line momentum and regaining market share in the Merchanting businesses. I am pleased with how our teams have responded to this challenge with Merchanting returning to revenue growth and our operating performance stabilising.
“In what remains a highly competitive market, we have invested in pricing and targeted promotions and will continue to do so in the near-term. We continue to demonstrate good discipline on capital allocation and overheads which will allow us to reinvest in our proposition and position the Group well as we look forward to Gavin Slark’s arrival as CEO in January.”
