LONDON (Reuters) - Travis Perkins (L:TPK), Britain's biggest supplier of building materials, said on Wednesday growth picked up in the first quarter, helped by the recovery in the country's repair, maintenance and improvement (RMI) market.
The firm, which trades through 21 businesses, including Wickes, BSS, Toolstation and Tile Giant, said total sales increased 5 percent and were up 4.2 percent at outlets open over a year.
Recovering housing transactions in Britain have driven improvement in the RMI market and analysts are hopeful rising re-mortgaging activity will stimulate further demand.
Overall Travis Perkins, which joined Britain's FTSE 100 index of blue chip firms in 2014, was trading in line with expectations, it said. It is targeting earnings growth of around 10 percent in 2016.
The firm said the improved performance also reflected investment over the past two years as it looks to modernise its businesses.
The firm cut its profit guidance in October after an unexplained dip in trading last summer but had said in March it had seen better RMI sales in January and February and expected growth to continue.
Shares in the firm, down 8.2 percent over the last year, closed Tuesday at 1,824 pence, valuing the business at 4.52 billion pounds.