The company’s commitment, delayed by the pandemic, to demerge the Wickes business cost nearly £22 million in advisors’ fees and writedownsTravis Perkins, the builders’ merchant that owns Wickes and Toolstation, has plunged to a £126 million first-half loss. The shares were pushed down sharply this morning by news that sales after lockdown were not as strong as hoped. Investors were also spooked by the group’s ambiguity about its hopes for the coming months. While some analysts believe that pent-up demand and government support for housebuilding and big infrastructure spending should help the sector, Travis Perkins warned that the glass may instead be half-empty. It reported that trading in July and August had returned close to last year’s levels, with strong demand at the trade outlet Toolstation and the DIY retailer Wickes from people renovating their homes.

Source: The Times September 08, 2020 11:03 UTC