LONDON (dpa-AFX) - Travis Perkins Plc. (TPK.L) reported Friday that its first-quarter total group sales increased 2.4 percent on a reported basis and 3 percent on a like-for-like basis on higher Plumbing & Heating sales, despite weak sales in General Merchanting and consumer segments. Assuming no further deterioration in market conditions, the company said it is on track to meet its expectations for 2018.
In its trading update, the company reported a 15.1 percent rise in Plumbing & Heating total sales, while like-for-like sales climbed 19.7%.
The company said the turnaround in the Plumbing & Heating division continues to build momentum as the improvements take effect.
Weather conditions caused considerable disruption across the UK in February and March, and adversely affected sales across the Group.
Excluding impacts from the adverse weather, General Merchanting like-for-like sales were positive, in line with expectations, and reflected good recovery of cost price inflation.
Looking ahead, the company said overall expectations for 2018 remain unchanged, with cost actions to drive cost efficiency and mitigate difficult market conditions.
John Carter, Chief Executive, said, 'Whilst the mixed trading conditions in our markets are expected to continue in the near-term, we remain confident in the longer term outlook for the building materials market, with opportunities to grow and outperform through the investments we are making to develop or extend our strong customer propositions.'
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