Travis Perkins sees sales fall

Materials group Travis Perkins saw group sales for the year fall 8% to £2.9bn.

Pre-tax profits before exceptional items totalled £212.7m.

The group incurred an exceptional charge of £56.2m associated with the downturn, comprising redundancy and re-organisation costs (£10.5m), property lease provisions (£39.5m) and asset write-offs (£6.2m). Like-for-like staffing numbers have reduced by 13% since the start of the recession.

Geoff Cooper, Chief Executive, commented: "The Group has delivered another market leading performance in a year that saw the most difficult trading conditions in the Group's history. 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 core strengths have been retained whilst costs have been reduced. Our profitability, although lower than 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."