- Builders' merchant and DIY group Travis Perkins said its first-half revenue had slumped by a fifth after Covid-19 lockdowns hit the construction sector.

The company, however, said business had continued to recover since lockdowns were eased.

Revenue for the six months through June fell 20% to £2.78bn, with like-for-like sales down 19.3%.

Chief executive Nick Roberts said said trading conditions had improved since the company delivered a trading update on 15 June.

Good demand in the repair, maintenance and improvement (RMI) and infrastructure markets has offset ongoing challenges in the new build and commercial construction sectors, he said.

'We remain cautious as to the near-term headwinds facing our business and the wider economy,' Roberts added.

'Nevertheless the decisive actions we have taken to manage our cost base mean that we are well placed to continue to service our customers, support our colleagues and generate value for our shareholders.'

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