But builders merchant says wet spring and summer wiped £10m off its profits for the first half of this year
Builders merchant Travis Perkins has estimated the wet spring and summer wiped £10m off its profits for the first half of this year.
Travis Perkins saw a 25% rise in pre-tax profit for the six months to 30 June 2012 at £161.8m, up from £129.2m over the same period last year.
But the growth in profit was largely driven by revaluing of investments and operating profit only improved 0.8% over the period.
The group’s revenue also grew 2.7% to £2.4bn.
Geoff Cooper , chief executive of Travis Perkins, said: “Whilst weather patterns normally average themselves out over any trading period, it has been difficult to ignore the impact on the results of the first half trading of the wettest three months since records began.
“This has inhibited construction activity and particularly constrained turnover in our heavy-side related businesses in a market already struggling to recover to more normal levels.”
He added that trading remained difficult while the public sector spending declines putting the emphasis on the private sector to re-start growth in the economy.
The firm said it expected the volume of work to continue to contract at around 5% this year.