Travis Perkins pulled back by Wickes
Demand for new dwellings continues to run ahead of current supply, with a 2005 forecast of 183,000 completions, some 90,000 short of the estimated annual requirement.
Like-for-like turnover in Wickes’ core business (representing 83% of its turnover) in the 26 weeks to June 26, 2005 was down by 4.2%, whilst turnover in its showroom business was down by 8.4%. Overall, Wickes like-for-like turnover was lower by 4.9%. The result in the showroom category reflected both reduced consumer spending on ‘big ticket’ items within home improvement and the entry of new competitors.
Geoff Cooper, Chief Executive, said: “The group has achieved a solid performance in tougher markets and made good progress in integrating the Wickes business. Our merchanting business is performing well and our retail business is beginning to gain market share. While we anticipate that trading will remain challenging, we are confident that the group will make further progress.”
