The company said that the high levels of growth experienced in March have continued throughout the second quarter, driven by the strength of both the domestic and commercial repairs, maintenance and improvement (RMI) markets.
Its Merchanting segment saw total sales growth of 6.3% during April and May vs the same period of 2019.
Toolstation UK continues to take market share with total sales year-to-date up 70.2% vs 2019 while Toolstation Europe continues to grow strongly with performance ahead of management expectations, Travis Perkins said.
The company said that assuming there is no significant change in market conditions, operating profit for 2021 will be at least GBP300mln; excluding the sold-off Wickes and Plumbing & Heating businesses, the consensus forecast for operating profit was GBP259mln prior to today’s announcement.
“The ongoing strength of the group’s trading performance through the second quarter remains underpinned by demand in both domestic and commercial RMI markets. Our Merchanting businesses have recovered strongly while Toolstation’s performance continues to be ahead of expectations. Whilst we are experiencing inflationary pressures across a number of product ranges, due to high demand and supply constraints, we are focused on working with both our suppliers and customers to ensure consistency of supply and fair outcomes for all,” said Nick Roberts, the chief executive officer of Travis Perkins.
Shares in Travis Perkins were up 6.2% to 1,716.5p on the guidance upgrade.
The announcement followed an upbeat trading statement earlier in the day from Kingspan PLC (LON:KGP), which predicted a 58% jump in profits this year but also warned inflation was rampant throughout the building sector.