Do-it-yourself (DIY) stores owner Travis Perkins PLC (LON:TPK) said it achieved good underlying sales growth in the third quarter despite a DIY market that remains challenging.
The Wickes brand owner said on Tuesday that its underlying sales had increased by 4.1% in the three months to the end of September, boosted by a strong showing from its merchanting, contracts and plumbing & heating divisions.
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Britain’s largest supplier of building materials said lead indicators such as secondary housing transactions, house prices and consumer confidence continue to paint a mixed picture, meaning the group remains cautious on the near-term market outlook.
“The UK DIY market continues to be very challenging for Wickes, where significant price pressure and weak consumer confidence is providing a tough trading backdrop,” CEO John Carter said in a statement.
“Across the Group, we are making good progress with the cost reduction activities that were highlighted in July, and these actions are generating positive results and underpin our confidence that our full-year performance is on track and in line with market expectations.”