January 29, 2020 / 8:07 AM / a month ago

Travis Perkins's Wickes on track for demerger after strong quarter

LONDON (Reuters) - Travis Perkins (TPK.L), Britain’s biggest building materials group, said its Wickes home improvement business is on track to demerge in the second quarter as it reported strong fourth-quarter trading.

Ahead of its capital markets day for investors on Wednesday, it said Wickes’ like-for-like sales rose 4.5% in the 13 weeks to Dec. 28, driven by robust demand across its core business (local trade and “do-it-yourself”) and its “do-it-for-me” (DIFM) operation.

Wickes’ 2019 like-for-like sales grew 8.7%.

“We are pleased with the growth Wickes is delivering and confident in our ability to continue to grow,” Wickes CEO David Wood said.

Travis Perkins said its capital markets day presentation would set out Wickes’ strategy as “a digitally led, service-enabled home improvement business.”

Shares in the group closed Tuesday at 1,570.5 pence, giving it an equity value of 3.97 billion pounds ($5.22 billion).

Reporting by James Davey; editing by Kate Holton and Jason Neely

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