Financial News

  • 31 July 2014, 7:21

Travis Perkins First-Half Profit Soars By 20%

Travis Perkins saw a surge in the first half of the year as it reported a 19.4% rise in its pre-tax profits.

Britain's biggest supplier of building materials said the increase was boosted by improving market conditions and increased customer confidence.

The company, which also trades as Wickes, City Plumbing, Keyline, Tile Giant and BSS, made a profit of 162.5m before tax in the six months to June 30.

It also saw revenue grow by 11.5% to 2.73bn.

Chief executive John Carter said: "Trading is consistent with our expectation and with lead indicators in our different markets encouraging, the group is expected to show continued solid growth for the remainder of the year."

It comes as Britain's housing market has seen strong recovery this year, benefiting supply firms such as Travis Perkins.

On Wednesday, British housebuilder Taylor Wimpey said it would return more money to shareholders as a result of strong demand in the property market.

Recent figures from Land Registry showed that during April the number of completed house sales in England and Wales increased 29% to 66,659, compared with 51,022 in the same period last year.

The data also revealed that properties sold in England and Wales for more than 1m in April increased by 39% to 1,028 - from 740 in April 2013.

However, on Monday, mortgage lender Halifax said Britons are feeling much less positive about buying a house, adding to some suggestions that the housing market is slowing.

Travis Perkins entered the FTSE 100 in June last year.

Shares in the company rose by more than 3% during afternoon trading.

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