Travis Perkins sees fall in profits
One of Northampton's most successful firms has reported a 3.2 per cent drop in profits due to a fall in the number of people renovating their homes.
Building supply firm Travis Perkins saw profits fall to £124.5m during the past six months, despite lifting revenues by 5.3 per cent and increasing like-for-like sales by 0.8 per cent.
Chief executive Geoff Cooper said the reduction in pre-tax profits reflected higher costs for financing the business.
He said: "While the outlook is more challenging than we have experienced for some years, we have the management and resources to deal with these difficulties and position the group for further growth when more favourable conditions return."
He said the company, which owns Wickes and Tile Giant, was likely be affected by a fall in the number of people buying houses due to the current credit crunch.
New housing activity currently represents about 18 per cent of Perkins's group revenues.
The full article contains 168 words and appears in Northampton Chron & Echo newspaper.
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Last Updated:
31 July 2008 8:41 AM
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Source:
Northampton Chron & Echo
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Location:
Northampton
