Builders’ rush to beat VAT gives Travis a lift

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Geoff Cooper, the builders merchant's chief executive, reported signs that trade buyers are snapping up kitchen cupboards and other accessories ahead of the tax increase.

"If a builder is maybe fitting half a dozen kitchens, when they have storage capacity they can buy in advance," he said.

DIY enthusiasts are also spending more in general at Travis Perkins' Wickes stores ahead of January.

Cooper added: "It is across the board. What we are seeing in our numbers is that people are coming in and buying more than they usually would at this time of year."

The retail chain's like-for-like turnover per day was up 0.6% in the 47 weeks to November 27, but in the past eight weeks this has picked up to 4.2%, Travis added.

Within that figure, kitchen and bathroom sales soared 12.5%.

The company's merchanting arm, meanwhile, pushed turnover per day up 10.5% in the past two months, well ahead of the 7.8% seen in the first 11 months of the year.

Travis is gaining market share in both its retail and merchanting divisions, but the chaos caused by the snow earlier this month means the firm will not top market hopes with full-year results.

Cooper said the poor weather cost the business an estimated £8 million in sales, although overall turnover for the year to November was up 6.5% on 2009.

Shares added 2% as Seymour Pierce analyst Kevin Lapwood said that trading showed "a marked pickup in recent weeks".