Rolling coverage of the latest economic and financial news
- China sets challenging GDP target in face of regional tensions and ageing population
- UK retail sales dampened as shoppers stay home in wet weather
The slowdown in the UK housing market has hit earnings at building materials supplier Travis Perkins.
Travis Perkins has reported a 61% drop in operating profits, from £285m in 2022 to £110m in 2023, after “a challenging year in weak market conditions”.
“Ongoing economic challenges have significantly impacted our trading performance, driven by weakness in the new build housing and domestic RMI sectors, and compounded by deflationary pressures on commodity products. Faced with these challenges, we have invested to protect and build our leading market positions.
With market conditions expected to remain a headwind through 2024, the business is fully focused on improving profitability and enhancing cash generation.
Lettings market supply and demand dynamics have normalised, with increased levels of available rental stock and fewer tenants registering for each available rental property compared to 2023.
Continue reading…Rolling coverage of the latest economic and financial newsChina sets challenging GDP target in face of regional tensions and ageing populationUK retail sales dampened as shoppers stay home in wet weatherThe slowdown in the UK housing market has hit earnings at building materials supplier Travis Perkins.Travis Perkins has reported a 61% drop in operating profits, from £285m in 2022 to £110m in 2023, after “a challenging year in weak market conditions”.“Ongoing economic challenges have significantly impacted our trading performance, driven by weakness in the new build housing and domestic RMI sectors, and compounded by deflationary pressures on commodity products. Faced with these challenges, we have invested to protect and build our leading market positions.With market conditions expected to remain a headwind through 2024, the business is fully focused on improving profitability and enhancing cash generation.Lettings market supply and demand dynamics have normalised, with increased levels of available rental stock and fewer tenants registering for each available rental property compared to 2023. Continue reading…
