News Column

Grafton Group Says Half-Year Revenue Up 11% As Demand Returns

July 10, 2014

Anthony Tshibangu

LONDON (Alliance News) - Building merchants Grafton Group PLC Thursday said group revenue for the six months to June 30 increased 11% to GBP1.02 billion from GBP912 million a year earlier, reflecting improved demand in the group's markets and better weather conditions.

The DIY group said overall trading conditions where favourable in the first half as the recovery in the UK and Irish economies became more firmly established and gradually gained momentum.

Trading in the UK merchanting business, which accounts for three-quarters of group revenues, was influenced by better weather conditions with "solid" volume growth in the residential repair, maintenance and improvement market, the company said.

Grafton said the merchanting business in Ireland benefited from the early stages of a recovery in construction from historically low levels of activity.

In addition, the company said its DIY retailing business made some gains. It said the "very tentative recovery" in the DIY retailing business in the country that got underway in the second half of 2013 continued in the first half supported by employment growth and improving trends for retail sales from a low base.

Grafton said it will release its full interim results on August 27.

Grafton shares were quoted 2.1% at 584.00 pence Thursday morning.

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Source: Alliance News

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