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Britain's Travis Perkins warns on 2016 profit, to close branches
October 19, 2016 / 6:20 AM / a year ago

Britain's Travis Perkins warns on 2016 profit, to close branches

LONDON, Oct 19 (Reuters) - Travis Perkins, Britain’s biggest supplier of building materials, warned on Wednesday it would not meet market expectations for full-year profit, blaming a disappointing performance in its plumbing and heating business.

The group, which trades from over 20 businesses, including Travis Perkins, Wickes, BSS, Toolstation and Tile Giant, said it expected core earnings for 2016 to be “slightly below” the current market consensus of 415 million pounds ($509 million).

Travis Perkins also highlighted uncertainty in the outlook for 2017 as it reported third quarter total sales growth of 3.4 percent and underlying growth of 2.0 percent.

It plans to close over 30 branches and make further efficiency driven changes in the supply chain, resulting in an exceptional charge of 40 million to 50 million pounds in 2016. ($1 = 0.8149 pounds) (Reporting by James Davey; editing by Kate Holton)

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