Results round-up

Travis Perkins said like-for-like sales in July had been below normal levels in the wake of the UK's decision to leave the European Union as it posted a 10.7% rise in interim profits to £176m.

Revenues at the builders merchant rose by 5.8% to £31.bn, while like-for-like sales grew by 3.1%.

“It is clear that the result of the EU referendum has created significant uncertainty in the outlook for our end markets and we did experience weaker demand in the run up to and immediately following the referendum,” the company said.

“Our two-year like-for-like sales in July have been below the levels we experienced in the second quarter, however we have seen a gradual improvement through the course of the month. In our view it is too early to precisely predict end market demand and we will continue to monitor the lead indicators we track and will react accordingly.”

Insurance company Direct Line Group posted its half year report for the six months to 30 June on Tuesday, with gross written premiums for ongoing operations 3.9% higher, driven by strong growth in motor in-force policies - up 2.5% - and a 9.5% increase in premium rates.

The FTSE 100 firm said its combined operating ratio from ongoing operations continued to be strong at 89.6%, or 0.2pts higher, including the Flood Re levy impact of 1.6pts.

Motor current-year attritional loss ratio improved by 1.0pt, the board reported.

Operating profit from ongoing operations decreased £12.2m to £323.6m, which Direct Line attributed to £18.5m lower investment gains

Its return on tangible equity was 23.1%, up from 21.2%, while profit before tax decreased £16.5m to £298.5m.

The board declared an interim dividend per share of 4.9p, up from 4.6p, and a special interim dividend of 10.0p per share. Post dividends, Direct Line's estimated Solvency II capital coverage ratio was 184%, or 199% pre-dividends.