Travis Perkins has seen its profits fall by almost a third for the six months to June 30 amid “challenging” market conditions and said its near-term trading was expected to remain difficult.

Britain’s biggest supplier of building materials, which owns the Toolstation chain, blamed weak domestic and new build housing markets for the poor performance, seeing it surplus fall to £112m – down 31%.

Adjusted earnings per share of 30.5p were down 41% as a result of “lower trading profit, phasing of property profits and the increase in the UK corporation tax rate”.

Revenues also plunged 2.5% to £2.47bn as the business said its full year adjusted operating profit is expected to be around £240m.

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Chief executive Nick Roberts said: “Market conditions have been challenging, which is reflected in both our first half performance and our outlook for the balance of the year.

“The group remains focused on striking the appropriate balance between seeking to protect shorter term profitability, delivering our strategic objectives and being well placed to benefit when market conditions improve.”

“Whilst near-term trading is expected to remain difficult, we continue to work to position the group to benefit from the long-term structural drivers in our end markets,” added Roberts.

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