Grafton revenue up 2%
Published: 08 July, 2011
DUBLIN: Merchant and DIY group Grafton posted a 2% rise in first-half revenue as key building supplies and home improvement markets in Ireland and Britain struggled to recover in the face of weak consumer sentiment.
Grafton, which made over two thirds of its revenue in Britain last year, said its performance was aided by better weather in the first quarter and the rate of growth had moderated since.
First-half turnover rose to €997m, from €979m in the first half of 2010. Average daily like-for-like sterling turnover increased 4.7% while Irish turnover fell around 6% as declining incomes and employment levels put people off spending money on home improvements.
"The trading environment in the group's key markets is proving slow to recover to more normal conditions in light of the continuation of weak mortgage lending and low levels of consumer confidence," Grafton said.