Wickes parent compant Travis Perkins has lowers profit outlook on the back of a weak DIY market and decline in half-year profits.
For the six month period ending June 30, adjusted profit before tax dropped 4.6 per cent to £167 million and adjusted operating profit declined 5.8 per cent to £179 million.
READ MORE:
However, there was a 4.4 per cent uptick in revenue to £3.4 billion while like-for-likes grew of 4.2 per cent.
Travis Perkins pinned its profit decline to a period of challenging trading conditions at its Wickes fascia, where it took an impairment of £246 million.
As a result, Travis Perkins said its 2018 operating profit would be in the lower half of the range of analyst expectations.
Additionally, the firm is starting a “a significant cost reduction programme”.
Click here to sign up to Retail Gazette’s free daily email newsletter
