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Travis Perkins has upgraded its expected profit for its full-year results following a period of “robust” trading in recent months.
The group now expects to report a profit of “at least” £340m, including around £40m in property profits.
It comes as the group welcomed positive trading momentum with a like-for-like sales growth of 13.1%, or 13.3% on a two year like-for-like basis, in its third quarter of trading.
Its merchanting business delivered a like-for-like sales growth of 15.3%, 11.8% on a two year like-for-like basis. with the end market demand “remaining robust”.
Meanwhile, Toolstation grew by 1.4% on a like-for-like sales basis and 25.2% on a two-year like-for-like basis in Q3, as customer mix normalised following the “exceptional demand” seen across DIY during the height of the pandemic.
Nick Roberts, CEO, said: “The group has delivered a strong performance in the third quarter and is navigating well-documented supply chain and cost inflation challenges very capably. End market demand remains robust and we are confident that we are in a strong position to deliver future growth.
“As outlined at our Investor Update in September, the focus of the Group is to enhance our market leading propositions to win share and to provide new value added services to our customers as the construction process evolves to improve quality, drive efficiency and reduce carbon and waste.”
