Travis Perkins rues DIY slump

THE owner of DIY chain Wickes will carry on slashing costs after another quarter of falling sales at its shops.

Travis Perkins said sales at its kitchen and bathroom showrooms continued to sag as households turned away from home improvement work, partly due to the cooling property market.

Tough competition on pricing was also making it harder to deal with rising costs, the company said. In an update to the market, it added: ‘The group continues to focus on managing its underlying cost base.’

However, shares rose 4.1pc, or 40p, to 1020p, after the firm said overall sales were up 3.9pc. This was due to a strong performance from its plumbing, heating and building supplies businesses, which saw sales rise 7pc.

Chief executive John Carter announced a review in July following a profit warning. The company took a £246m writedown as a result and launched a hefty cost- cutting programme that saw its head office workforce slashed by a third in May. Carter said: ‘The UK DIY market continues to be very challenging.’