Builders' merchant lowers expectations for 2005 due to "challenging" markets
Quoted builders’ merchant and DIY retailer Travis Perkins today warned that the company was in for a tough time in the rest of 2005 as a result of a “challenging” trading environment.
In a pre-closing trading update for the first six months of 2005, the company said that although turnover for the first half had risen 41% as a result of its acquisition of Wickes in February, it had been forced to lower expectations.
The statement said: “The sharp slowdown in consumer spending from February has had some impact on volumes in the trade market, particularly in repairs, maintenance and improvements (RM&I), in the second quarter. The more consumer-related RM&I activity, especially in heating and plumbing, was affected, although our business in commercial sectors and sectors related to government spending remained robust.”