Travis Perkins builds sturdy sales growth as cost inflation swells four per cent
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Building materials business Travis Perkins has posted solid sales growth in its third quarter trading update, which flies in the face of global supply chain troubles and a raw material pricing crisis.
The London-listed builders merchants has continued a pandemic-era momentum – which saw many households undertaking DIY projects during lockdown – with like-for-like sales growth of 13.1 per cent.
The board now expects that adjusted operating profit for the full year push past current market forecasts, and will be at least £340m.
Inflationary pressure which has struck the industry has accelerated around four per cent in the period – swelling from around seven per cent in the second quarter to around 11 per cent in Q3, Travis Perkins revealed.
Chief Executive Nick Roberts said: “The group has delivered a strong performance in the third quarter and is navigating well-documented supply chain and cost inflation challenges very capably. End market demand remains robust and we are confident that we are in a strong position to deliver future growth.”
The business added that it continues to benefit from its supply chain network and supplier relationships.