Travis Perkins says newly acquired Wickes is suffering from a tough DIY market.
Turnover at Wickes has slipped 2.2% during the first four months of the year. New owners Travis Perkins blamed a poor start to the year and adverse weather condition for the poor performance.
Travis Perkins chairman Ian Stevenson said that trading at Wickes, which was acquired on February 11, was gradually recovering but warned that the DIY market would take a while to recover.
He said: “We have not changed our view that the DIY market will recover only slowly and will remain tough for some time.”
In his AGM statement Stevenson said that the integration of Wickes was running ahead of expectations. He said: “We have identified further opportunities for cost reduction within Wickes.”
Total turnover at the Travis Perkins group rose by 2.4% on a like for like basis for the 17 weeks to 23 April 2005. Stevenson reported healthy order books in the trade and construction markets but said there were signs of work being delayed.