New Travis Perkins boss Pete Redfern has said the FTSE 250 business has become “distracted” adding that he is taking direct control of its general merchants business in an effort to get the company back on track.

In a trading update this morning, the builders merchant, which also owns tool hire business Toolstation, said that revenue in the three months to the end of September was down 5.7% while like-for-like sales in the first nine months of the year were 6.8% below the equivalent figure last year.

In his first public comments about the business since taking over from Nick Roberts last month, Redfern, a former Taylor Wimpey boss, said: “It is clear that the group has allowed itself to become distracted and overly internally focused which has led to the underperformance in recent periods. We now need to get back to a focus on operational execution.”

Pete Redfern took over running the business last month

He added: “My immediate priorities are driving and incentivising branch-led performance and motivation, identifying further ways to make the business run more efficiently and ensuring that we turn and face the anticipated recovery in the UK construction market.

“During this important period, I will combine the roles of group chief executive and managing director of the Travis Perkins General Merchant business. This will allow me to shorten reporting lines and develop our new strategy, working closely with the operational leaders of this business as well as the group leadership team.”

In a note, broker Investec said it expected revenue this year to be down 3% to £4.7bn but said pre-tax profit would be off by 18% to £95m – and over 130% down on the £220m pre-tax profit it posted in 2022.

It added: “Another disappointing update makes it clear that there are serious ongoing structural problems in Merchanting which need fixing. It is good to see honest and candid comments addressing this from the new CEO.”