Builders' merchant Travis Perkins said like-for-like (LFL) turnover per trading day in the first 11 months of 2011 was 2.8% higher than in the corresponding period of last year, despite consumers' reluctance to splash out on new kitchens and bathrooms.
The Wickes owner, which bought plumbing supplies firm BSS last year and which offloaded its Buck and Hickman tool distribution subsidiaries in October 2011, said overall turnover in the first 11 months of 2011 was up 54.1% on the same period of 2010.
On a pro-forma basis (including BSS but excluding Buck and Hickman), turnover in the period was up 5.5% year-on-year, despite the corresponding period of last year having one extra trading day for the merchanting and BSS divisions.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Focusing just on the merchanting division, total turnover was up 11.3%, with LFL turnover per trading day up 9.3% on a year earlier. LFL turnover per trading day for October and November increased by 8.0% in the merchanting division.
In Wickes, LFL delivered sales in the eight weeks to the end of November were down 6.8%, with kitchen and bathroom sales proving a drag, reflecting continued poor and weakening consumer confidence for major purchases.
Total turnover for BSS for the first eleven months of 2011 (excluding Buck & Hickman from both years) was up by 2.4%, with like-for-like turnover per trading day up by 2.8%. Like-for-like turnover per trading day for the last two months to 30 November increased by 2.7%.
The group remains on target to hits its net debt target of £600m at the end of 2011.
--
jh
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
