Travis Perkins revenue down two thirds due to coronavirus
Building materials supplier Travis Perkins suffered a sharp drop in revenue in April after it closed its branches in response to the UK’s coronavirus lockdown.
Total revenue in the first three weeks of the month was about one third of the same period last year due to the coronavirus pandemic.
The company shut all of its branches last month after the government announced a coronavirus lockdown.
However last week it began reopening more of its merchant branch network with a “service-light, non-contact operating model” in line with the latest government advice as some building sites got back to work.
Travis Perkins has taken further steps to conserve cash during the crisis, including a 20 per cent three-month pay cut for the board of directors and leadership team.
The company will also save around £90m due to the business rates holiday announced by the government in March.
Last month the group withdrew its market guidance, suspended its proposed full-year 2019 dividend and paused the process for the demerger of Wickes.
Chief executive Nick Roberts said: “In light of the Covid-19 emergency, we have established a new operating model that has kept colleagues and customers safe, operating within Government guidelines, and enabling branches across all of the Group’s businesses to remain open.
“Moreover, we have provided essential services and support to keep the nation’s critical infrastructure maintained and operational and the UK’s homes warm, dry and safe during this time of need.”