Travis Perkins Nine-month Sales Dip 11%

9/30/2009 5:49 AM ET

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Travis Perkins 9-month Group Turnover Down 11% - Quick Facts

(RTTNews) - Building materials supplier Travis Perkins Plc (TPK.L: News ) Wednesday reported a 11.0% decline in turnover for the nine months to the end of September. The company also announced the appointment of Robert Walker as a non-executive director, who would succeed Tim Stevenson as the non-executive Chairman.

For the first three quarters of the year, like-for-like turnover per trading day dipped 16.3%, as total turnover in Travis Perkins' merchanting division came down by 15.6%.

In the Interim Management Statement for the third quarter, the company mentioned that like-for-like sales for the third quarter improved to 11.9% down as 2008 comparatives eased.

The group noted that when compared to the peak volume levels in early 2008, there is no sustained improvement year-over-year and that pricing pressure remained, with the rate of sales price inflation still on the downward slope.

Travis Perkins added that total turnover in the general merchanting segment was down by 15.9%, with like-for-like turnover per trading day sliding 16.8%. Turnover from specialist merchanting business came down 15.0%, as like-for-like turnover per trading day decreased 15.4% from the same period last year.

Looking ahead for 2010, the company reiterated that it does not foresee significant upturn in construction activity before the end of the year.

Separately, Travis Perkins announced the appointment of Robert Walker as a non-executive director and noted that the board intends him to succeed Tim Stevenson as non-executive Chairman, with effect from the conclusion of the next Annual General Meeting in May 2010.

Robert Walker is presently Chairman of WH Smith PLC, BCA Europe Ltd, Americana International Holdings Ltd and a non-executive director of Tate & Lyle PLC. He was previously Chairman of Williams Lea Group Ltd, Chief Executive of Severn Trent Plc, the company noted.

TPK.L is trading at 846.00 pence, up 44.50 pence or 5.55%, on the LSE.