Travis Perkins has seen a jump in growth thanks to inflation-driven prices and is on track to meet full year expectations, despite remaining cautious.
The owner of home and DIY retailers Wickes and Toolstation saw like-for-like sales jump 4.1 per cent in third quarter of the year, up from 2.7 per cent in the first six months, alongside total sales growth of 3.5 per cent.
According to analysts, the company is forecast to see an adjusted operating profit of £386 million this year, down from £409 million in 2016, marking a second consecutive year of falling profits.
Despite the rise in sales, which the retailer puts largely down to rising prices, the group is reportedly remaining cautious of the market and will carefully manage its costs.
“We have delivered a good like-for-like sales performance across the group in the third quarter against a challenging market backdrop of input cost inflation and market volatility,” chief executive John Carter said.
“Trading conditions in our markets continue to be mixed, with consumer discretionary spending under pressure from rising inflation and on-going uncertainty in the UK economy.”
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