Travis Perkins reported Q3 FY16 trading update below our estimates. Lfl revenue came in at 2% (vs our estimate: +3.4%; Q2: +2.3%, Q1: +4.2%), largely due to the softer market conditions in the General Merchanting business (+0.6% vs our estimate: +3.5%; Q2: +1.1%, Q1: +4.7%). The ongoing slump in the Plumbing & Heating business (-4.1% vs our estimate: +1.0%; Q2: -1.4%, Q1: +2.2%) further dragged down the top-line. However, the Contracts business sustained the strong organic growth momentum
03 Jan 2017
P&H remains a concern; core business remains strong
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P&H remains a concern; core business remains strong
Travis Perkins plc (TPK:LON) | 728 -0.7 (0.0%) | Mkt Cap: 1,546m
- Published:
03 Jan 2017 -
Author:
Nishant Choudhary -
Pages:
3
Travis Perkins reported Q3 FY16 trading update below our estimates. Lfl revenue came in at 2% (vs our estimate: +3.4%; Q2: +2.3%, Q1: +4.2%), largely due to the softer market conditions in the General Merchanting business (+0.6% vs our estimate: +3.5%; Q2: +1.1%, Q1: +4.7%). The ongoing slump in the Plumbing & Heating business (-4.1% vs our estimate: +1.0%; Q2: -1.4%, Q1: +2.2%) further dragged down the top-line. However, the Contracts business sustained the strong organic growth momentum