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Builders' merchant Travis Perkins has reported a better than expected 18.7% increase in 2007 underlying pre-tax profit.

The company reiterated its caution on the outlook for 2008 given uncertainty in the UK housing market. However chief executive Geoff Cooper said he is comfortable with analysts' forecasts of roughly flat pre-tax profits for 2008.
Shares held steady, off just 4p, or 0.5%, at 1066 pence in morning trade.
The group said its early sales performance in 2008 reflects an expected slowing of market growth. Like-for-like sales in its merchanting division for the first two months ahead by 5.7% and like-for-like sales in retail up 1%.

Management noted that these rates are some 3-4% below the like-for-like sales trends achieved in the fourth quarter of 2007.

Cooper added: 'Whilst forecasting market volumes with any accuracy is currently more challenging, cost inflation in goods-for-resale remains high and will increase the value of our market.'