Wickes owner Travis Perkins has hailed the progress it has made in its bid to offload the retailer and says the demerger will be complete by the second quarter of 2020.

In an update on the stock exchange this morning, Travis Perkins said the demerger process is “progressing well, and is on track to be completed in the second quarter of 2020”.

The building merchant said it would be hosting a capital markets event focused entirely on the Wickes business on January 29, 2020.

The group confirmed its plans to demerge from Wickes in July, after a period of speculation, saying at the time that the decision to demerge Wickes reflected a “focus on advantaged trade businesses and the simplification of the group”.

The chain registered like-for-like sales growth of 9.7% in the six months to June 30, driving adjusted operating profit up 49% to £52m.

Adjusted operating profit margin increased by 200bps to 7.5%.

Travis Perkins’ retail division, which also includes Tile Giant, raked in £695m in sales during the period.

As a whole, the Travis Perkins Group, which also has merchanting and plumbing and heating divisions, enjoyed a 14.7% increase in adjusted operating profit to £195m, on sales of £2.7bn.