Travis Perkins reported FY16 results slightly ahead of our estimates. The lfl revenue increased by 2.7% (vs FY15: +3.8%; our estimate: +2.5%), largely driven by the strong performance in the Consumer (FY16: +6.4%, FY15: +5.3%, our estimate: +6.5%; led by Wickes and Toolstation) and Contracts divisions (FY16: +5.0%, FY15: +8.5%; our estimate: +3.5%; led by market share gains in the heavy civils and drainage market). The organic revenue growth in the General Merchanting division came in at +1.7 ....