March was a busy reporting month across all subsectors. Within Merchants & retailers, there were pockets of improving trends into Q4 with major players such as Kingfisher seeing a return to growth in Big-Ticket items and Travis Perkins seeing mid-single digit growth within Toolstation. More recently, Topps Tiles announced a similar trend, with Q2 (Jan-Mar) revenue +4.4%. Elsewhere, we believe Building Products companies exposed to the new build market remain well placed this cycle, as the Govern ....
