Chief executive describes trading conditions as 'most difficult' in group's history
Builders鈥� merchant Travis Perkins has reported an 11% fall in pre-tax profit in it鈥檚 preliminary results for the year ended 31 December 2009.
The group said pre-tax profits for 2009 were 拢180m, down from 拢202.5m in the previous year and revenue fell 8% to 拢2.9bn.
Chief executive Geoff Cooper described the trading conditions as the 鈥渕ost difficult鈥� in the group鈥檚 history.
Our profitability, although lower that in pre-recession conditions, compares well with our competitors
He said: 鈥淢anagement has taken decisive and resolute action to deal with the impact of the downturn and in doing so has maintained Travis Perkins as one of the strongest operators in the sector. Our profitability, although lower that in pre-recession conditions, compares well with our competitors.
鈥淲hilst our markets are no longer exhibiting the abrupt declines in volume that characterised the start of the recession, activity levels remain fragile. Having managed effectively through the recession the group's strategy is to focus on organic growth in this low growth environment.
"Our stable and experienced management team has a proven track record of driving organic growth in these market conditions.鈥�
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