UK's Travis Perkins reports fall in like-for-like sales amid construction slump

Oct 15(Reuters) - British building materials supplier Travis Perkins TPK.L on Thursday reported a 1.3% fall in like-for-like sales in the third quarter, as construction activity and consumer spending remain subdued amid geopolitical uncertainty.

• Soaring mortgage rates along with rising construction costs and inflation have prolonged the downturn in construction activity, weighing on demand from tradespeople, a major customer base for the company

• The firm, which operates the Toolstation UK brand, reported a 1.6% fall in third-quarter group revenue

• The company noted a tougher comparison from discounts provided in the same quarter a year ago

• Travis Perkins' stock is down 6.6% this year, despite receiving a temporary boost from the UK's 'Your First Home' scheme that is expected to lift new home construction

• Under CEO Gavin Slark, it initiated a turnaround plan that includes raising prices to pass on cost increases due to the Middle East conflict

• "Our ongoing cost discipline and trading approach are protecting profitability whilst we continue to identify and implement further operational efficiencies," Slark said