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Demand for housing sees sales jump at Travis Perkins

// Travis Perkins sees sales for the first three months of the year jump more than 13%
// Revenue from its tools business Toolstation was down 6% on the same quarter last

Travis Perkins says it has seen a “positive” start to the year thanks to booming demand in housing, with sales for the first three months up 13.6% on last year.

The building materials supplier said higher prices would form a higher proportion of sales growth this year due to inflation as it maintained guidance.

It said a backlog of social and infrastructure work, along with demand for new housing, help push sales at its merchanting division, which includes building materials, up 17.9%.

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Toolsation sales fell by 6% after a tough comparator year while management is “confident” of a recovery in the second half of the year.

“Pricing accounted for approximately two-thirds of the growth with manufacturer increases continuing to be passed through in an orderly manner,” it said.

Chief executive Nick Roberts,  said: “The group has had an encouraging first quarter and, although the wider economic backdrop remains uncertain, we are well placed to build on this positive start in the coming months.

In this morning’s trading update, the retailer added: “The Group’s forecast for materials price inflation, which was originally expected to ease into the second half of the year, is now more uncertain with pricing likely to form a higher proportion of sales growth across the year than previously thought.”

It added that the construction supply chain had largely normalised by the end of 2021 and, although the war in Ukraine and the subsequent impact on the global economy “may challenge that relative stability, the group’s stock levels remain healthy”.

“As the UK’s largest building materials supplier and a leading partner to the construction industry, we are uniquely placed to support the country in this drive and are working closely with all key stakeholders, including government, housebuilders, tradespeople and developers, to address these challenges.”

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