Travis Perkins slides on new CEO's first analyst presentation

3rd Dec 2013 15:56

Shares in FTSE 100 building materials supplier Travis Perkins slid lower on Tuesday as new Chief Executive John Carter made his first strategy presentation to institutional investors and City analysts.With the housebuilding sector flying, the inference from the steady decline in the shares over Tuesday was that the audience must not have been impressed, with some hopes for a cash return being dashed. The presentation was not broadcast online but according to a statement from the company, the presentation included targets such as a well covered progressive dividend, 1-3% like-for-like sales growth outperformance across the group, double-digit earnings growth per year over the medium term, and adding 200-300 basis points to the group's lease-adjusted return on capital employed.Carter expects "good growth" in all sectors, including General Merchanting, Plumbing and Heating, Contracts and ConsumerHe was quoted in the statement as saying the company had worked very hard over the past few years to ensure it had the right portfolio of businesses to continue to outperform the market. "Our businesses have good plans in place and we are investing to further extend our market leading customer propositions. This gives the board and executive team confidence in setting out these ambitions for the group. Our focus now, as ever, remains on delivering strong and consistent growth in shareholder returns."Shares in Travis Perkins were down 3% to 1,727p by late in the afternoon.OH