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Travis Perkins warns as repair business dips

Published: 20:29 22 Oct 2015 AEDT

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Sales for the third quarter grew 5.5%.

Builders merchant Travis Perkins (LON:TPK) warned that homeowners are spending less on renovation and improvements, sending its shares tumbling.

John Carter, chief executive, said the Wickes owner had expected a modest reduction in its RMI (repair, maintenance and improvement) markets as the housing market had slowed early in 2015, but it had been weaker than anticipated.

Growth across all area of its business had been 'dampened', it added, and full year earnings would be at the lower end of market expectations even though volumes had now started to recover.

Sales for the third quarter grew 5.5%, with like-for-like growth of 2.6%. General merchanting grew 1.7% lfl, consumer products by 2.3%, plumbing 1.7% and contracts 5.5%.

Shares dropped 5% to 1,856p.

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