Travis Perkins has continued to pass off the growing costs of raw materials through price hikes, as it recovers from sustained supply chain hang-ups.
“Pricing accounted for approximately two-thirds of the growth with manufacturer increases continuing to be passed through in an orderly manner,” the retailer said in its latest trading update today.
“The group’s forecast for materials price inflation, which was originally expected to ease into the second half of the year, is now more uncertain with pricing likely to form a higher proportion of sales growth across the year than previously thought.”
Sales climbed over 13 per cent in the period, signalling a consumer base undeterred by rising prices as a result of inflation.
Travis Perkins added that its stock levels remain “healthy” after supply chain disruptions, which it said could get worse with the impacts of Russia’s invasion of Ukraine.
Chief executive Nick Roberts said the group had an “encouraging” first quarter but that the “wider economic backdrop remains uncertain”.