Building materials firm also posts a fall in revenue of 13% in the past year but has substantially cut its debt

Profit plummeted 27% from £124.5m to £90m in the year ending 30 June at building materials firm Travis Perkins, on revenues that were 13% lower at £1.45bn.

But the firm claimed it had industry-leading margins of 8.7% for trade sales and 7.2% for retail.

Travis Perkins store
Travis Perkins has closed only three of its 1,223 branches

Travis Perkins has reduced its debt by £491m, including through a recent £300m rights issue.

It said that it was working to reduce its cost base by £60m in 2009 and had managed to keep open all but three of its 1,223 branches.

Chief executive Geoff Cooper said there were signs of stability in the market but noted short-term risks on the downside.