Chief executive describes trading conditions as 'most difficult' in group's history
Builders’ merchant Travis Perkins has reported an 11% fall in pre-tax profit in it’s preliminary results for the year ended 31 December 2009.
The group said pre-tax profits for 2009 were £180m, down from £202.5m in the previous year and revenue fell 8% to £2.9bn.
Chief executive Geoff Cooper described the trading conditions as the “most difficult” in the group’s history.
Our profitability, although lower that in pre-recession conditions, compares well with our competitors
He said: “Management has taken decisive and resolute action to deal with the impact of the downturn and in doing so has maintained Travis Perkins as one of the strongest operators in the sector. Our profitability, although lower that in pre-recession conditions, compares well with our competitors.
“Whilst our markets are no longer exhibiting the abrupt declines in volume that characterised the start of the recession, activity levels remain fragile. Having managed effectively through the recession the group's strategy is to focus on organic growth in this low growth environment.
"Our stable and experienced management team has a proven track record of driving organic growth in these market conditions.”