LONDON (dpa-AFX) - Travis Perkins plc (TPK.L), a distributor of building materials, reported Tuesday that its total first-quarter sales declined 4.6 percent and like-for-like sales fell 3.8 percent.
The company delivered a good performance in the first two and a half months of 2020, but performance was then significantly impacted by the COVID-19 pandemic and the lockdown measures introduced in the UK from March 24.
In its trading update, the company noted that Merchanting sales fell 7.9 percent on reported basis and 8.7 percent on LFL basis. P&H sales fell 12.7 percent.
Toolstation sales, however, climbed 31.1 percent and Retail sales grew 3.5 percent.
Since late March, the company has been running a 'service-light' operating model, focusing on serving customers through remote, non-contact channels.
In the first three weeks of April, Group total revenue was approximately one-third of the same period in 2019 on a comparable basis.
The AGM will take place today with only the Chairman of the Board and the Company Secretary & General Counsel present, who together will form the quorum for the meeting, with no other attendees. A live audio feed will be accessible to shareholders.
Given the ongoing, considerable level of uncertainty, the company said it is unable to provide an accurate assessment on trading and withdrew market guidance on March 20.
Copyright RTT News/dpa-AFX