Travis Perkins PLC on Thursday said revenue fell in the first quarter of 2024, as it said trading remained challenging amid macroeconomic uncertainty continuing to hit demand in the construction sector.

The Northampton, England-based builders’ merchant said revenue was down 4.9% in the three months that ended March 31 from a year earlier, and down 3.7% on a like-for-like basis.

Travis Perkins said the General Merchant business continues to gain market share, while Merchanting sales were down 4.4% on trading volumes remaining subdued. ‘Pricing has largely stabilised but remains lower than prior year, primarily due to the rollover impact of timber deflation, with this trend expected to continue through the first half of the year,’ the company said.

Revenues at Toolstation UK fell 0.9% on weak repair, maintenance and improvement demand, with Travis Perkins saying the business ‘remains focused on...driving benefits from recent infrastructure investment’.

Looking ahead, Travis Perkins said work continues to address ‘loss-making activities’ within its portfolio and to ‘access longer-term structural benefits’. This follows delivering £35 million in cost savings from reducing its regional and central headcount, the company said.

‘These will be achieved through the simplification of the group’s operating model, reducing supply chain costs and harnessing the benefits from new technology,’ the company added.

Travis Perkins said it will provide an update on its progress with its half-year results on August 6.

Shares in Travis Perkins were up 3.0% to 733.50 pence each in London on Thursday morning.

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