Travis Perkins blamed a weak market for its falling revenues as the home improvement retailer struggles to cope with dwindling sales and a tough economic climate.
In its half year results, the tools supplier said revenue slipped 2.5 per cent to £2.5bn and adjusted operating profits fell 31 per cent to £112m.
A slowdown in the number of new homes being built and customers halting investment in home improvement was also cited by the retailer for its infirm performance.
“Market conditions have been challenging, which is reflected in both our first half performance and our outlook for the balance of the year,” Nick Roberts, chief executive officer at Travis Perkins, said.
“The group remains focused on striking the appropriate balance between seeking to protect shorter term profitability, delivering our strategic objectives and being well placed to benefit when market conditions improve.”
Earlier this summer Travis Perkins issued a profit warning after a weak spring rebound in property sales led to a poor sales performance.
At the time it downgraded its full adjusted operating profit guidance by 12 per cent.
It comes amid a challenging period for the housing market which has been battling high mortgage rates ever since the central bank hiked interest rates for the 13th consecutive time.
While some high street lenders were beginning last week to reduce the cost of their deals, it has been predicted that the Bank of England will raise rates again in efforts to fight inflation.