Travis Perkins has issued a profit warning. FY23 adjusted operating profit is guided at £240m, which is 11% below the consensus. This is attributable to high interest rates and price inflation, which has resulted in softer than expected consumer demand in the UK’s residential segment (includes both new build housing and private domestic RMI markets). While the near-term performance remains under pressure, we do not see any structural issue with the business. We will reduce our estimates but main ....
