Travis Perkins axes 1,300 staff

Source: Construction Digital

Date :30/07/2008 12:07:19

The builders merchant today has said that 1,300 workers will lose their jobs by the end of the year as second half profits dropped by 3.2 percent.

In its interim results published today, July 30, the company said that revenue was £1,671 million, up by 5.4 percent compared with the same period last year.

Group operating profits rose by 0.2 to £156 million with the Group's operating margin at 9.3 percent against 9.8 percent for the last half-year, while profit before tax declined by 3.2 percent to £125 million.

Travis Perkins also revealed that 700 jobs at its builders merchant division had gone by the end of June with that figure to reach 1,000 by the end of the year.

Chief executive Geoff Cooper said: "As we anticipated and observed in our last full year results statement, 2008 has become a more challenging market and we expect our markets to weaken further as the year progresses.

"The group will also continue to take action to counteract market conditions and accelerate the reduction on net debt through a combination of lowering overheads and by reducing both working capital and constraining capital expenditure."