Travis Perkins demoted from the FTSE 100
BUILDERS’ merchant Travis Perkins has dropped out of the FTSE 100 after losing £1.4bn in value since the EU referendum.
It joins Polymetal International in being demoted into the FTSE 250 in the quarterly review to establish the list of the 100 largest listed companies. They have been replaced by ConvaTec Group and Smurfit Kappa Group.
To drop out of the list a company has to be outside the top 110 by market value.
Northampton-based Travis Perkins has been on the London Stock Exchange since 1986, when it was known as Sandell Perkins, and entered the FTSE 100 in June 2013.
Its shares peaked in July 2015, trading above 2200p which gave the company a market value of £5.6bn. But its price had slipped back to 1917p by the night of the EU referendum, and fell 30% in the two trading days after the vote.
Despite a summer improvement, a weak trading update in October and expectations of an uncertain 2017 has pushed it back to that post-referendum level. It closed on Wednesday night at 1345p, which values the company at £3.4bn.
The changes will come into effect on December 19.
The East Midlands still has five FTSE 100 businesses headquartered in the region – Barratt Developments, Experian, Next, Rolls-Royce and
Sports Direct.
