Travis Perkins 9-month turnover down

Wed 30 Sep, 2009 07:31

LONDON (Reuters) - Builders' merchant and home improvements group Travis Perkins (TPK.L) said on Wednesday group nine-month turnover fell 11 percent, as volumes showed no sustained improvement and pricing pressure persisted.

However, the group, which has branches across the UK under Travis Perkins, Wickes and other brands, said trading for the last three months was ahead of its expectations.

Even so, it kept its outlook for 2010 unchanged from its expectations in July, when it saw no significant recovery in its markets until the end of 2010.

Shares in Travis Perkins were up 3.56 percent at 828.236 pence by 8:08 a.m.

The company said Robert Walker, currently chairman of WH Smith Plc (SMWH.L), had been appointed a non-executive director and would succeed Tim Stevenson as non-executive chairman at the end of the next AGM in May 2010.

Like-for-like turnover per trading day for the first nine months was down 16.3 percent.

The company said net debt had continued to fall in the third quarter thanks to cost controls and cash generation.

(Reporting by Sharon Lindores, editing by Will Waterman)