Travis Perkins shares slide as company confirms weak sales

<p>Travis Perkins shares have slipped on weak sales news.</p>

Shares in Travis Perkins have plunged on the London Stock Exchange this morning (October 12th) as the company announced that its sales fell over the summer.

The building supplies group said that – excluding the effect of bank holidays and changes in floor space – its sales dropped by 3.5 per cent in the three months to September 30th.

Travis Perkins – which owns Wickes – has blamed the disruption brought about by the Olympic and Paralympic Games and the bad weather on its lower demand and added that matters looked to be improving last month.

"Our continuing tight management of costs and efficiency gains from self-help projects mean we remain on target to meet market expectations," chief executive Geoff Cooper added.

At 10:55 BST, Travis Perkins slipped by 2.8 per cent on the London Stock Exchange to 1103.00p per share, while the FTSE 100 index in London was down 0.2 per cent to an index value of 5814.8 points.

Find the latest spread betting strategies for the FTSE 100 at City Index.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.