DAVY VIEW

A very concise update from Travis Perkins has indicated that like-for-like revenues fell 3.7% year-on-year in Q1. It is no surprise that this confirms that trading conditions remain difficult. As we would have anticipated, there is no news yet in relation to a potential exit from Toolstation France and a new group CEO. Looking further ahead, with a possible exit from Europe, the arrival of a new CEO, and the benefits from a cyclical upturn in activity levels, there is the unquestionable potential for Travis Perkins to deliver a much-improved performance.