Travis Perkins’ Q1 trading performance was slightly below our expectations. Group’s lfl sales came in at -2.9% yoy (vs our estimate of -2.0%), mainly due to the merchanting segment (-4.2% yoy). The company has launched a new proposition (called Whole House), which is targeted to capitalise its scale and knowledge with house builders. Management is comfortable with the market consensus for FY23. We do not expect any major changes in our financial estimates and target price.