Travis Perkins reports 20% drop in turnover

Natalie SieberichsUncategorizedLeave a Comment

Full article with thanks to https://www.constructionnews.co.uk/financial/travis-perkins-reports-20-drop-in-turnover-28-07-2020/

Revenue at Travis Perkins was down 20 percent for the first six months of 2020 compared to the same period in 2019.

In a trading update this morning, the builders merchant reported a turnover of £2.78bn, compared with £3.48bn in the same period last year. Like-for-like sales in its general merchanting business across the second quarter of the year were down 42.8 per cent.

The company announced 2,500 redundancies and the closure of 165 branches in June.

In its update, the firm said it was starting to see signs of recovery with the repair, maintenance and improvement as well as infrastructure markets, which are “proving to be more robust than the new housebuilding and commercial construction markets”.

Chief executive Nick Roberts said: “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.”

Its update added that at 30 June it had £455m of cash on deposit giving a strong overall liquidity headroom position of £855m.

Full article with thanks to https://www.constructionnews.co.uk/financial/travis-perkins-reports-20-drop-in-turnover-28-07-2020/

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