City briefs: Big losses at Travis Perkins; Experian rallies

Travis Perkins

Builders’ merchant Travis Perkins has posted a loss after tax of £113m for tge six months ending 30 June after being hit by the Covid-19 pandemic and the costs of restructuring the business and associated closures of outlets.

The firm’s revenue also fell by over 20% to £2.8bn during the period.

Nick Roberts, chief executive Officer, said: “Although our financial performance in the first half of 2020 was impacted by the Covid-19 pandemic, and we have had to undertake a restructuring programme in light of the challenging outlook for the Group’s end markets, we have made significant strategic and operational progress against the four strategic priorities we outlined at our full year results in March 2020.

“Although considerable uncertainty around the impact of the COVID-19 pandemic remains, the actions we have taken to adapt and innovate in our businesses mean that the Group is well placed to continue to service our customers, support our colleagues, outperform our markets and generate value for our shareholders.”

Experian, the Nottingham-based information services company, has revised its second quarter revenue expectations upwards after a strong period of trading in July and August.

The firm had originally thought revenue growth for the three months would be flat; however this has now been upgraded to +3% or +5%, helped by further strength in the US mortgage market.

A statement from the company said: “With continued investment in our innovation agenda, we now expect organic growth in costs of between 2 and 3% for the first half.”

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