Travis Perkins
Actual third-qtr sales growth 5.5%
John Carter, the chief executive of Travis Perkins, says that the market should have appreciated the summer slowdown in the repair, maintenance and improvement (RMI)business. Wolseley warned last month of competitive conditions in heating. The Office for National Statistics’ figures for July and August showed a decline in sales into repairs and maintenance, off by 7 per cent in August.
Michelmersh, the brickmaker, mentioned a soft summer only the other day. One could add the profit warning yesterday from SIG, which mentioned the decline in UK RMI. Yet the market is not always good at reading the obvious signs and Travis Perkins shares plunged 118p to £18.45. Mr Carter insists that this is a temporary blip and does