Grafton Group turnover up 4%
Published: 13 July, 2012
DUBLIN: Turnover at builders' merchants and DIY group Grafton, with operations in the UK, Ireland and Belgium, rose to €1.05bn ion the six months to the end of June, 4% up on last time.
The group said the translation of sterling turnover at a more favourable exchange rate against the euro contributed to the increase in turnover.
Average daily like-for-like turnover in the UK merchanting business, which accounted for 74% of group turnover, increased by 1.4% in the half year.
The business delivered a good improvement in turnover in the first quarter. Trading conditions in the second quarter were adversely affected by unseasonal weather with record levels of rainfall from April to June.
Self-help measures contributed to an improved performance in Buildbase and Plumbase. Turnover in the Irish merchanting business was down by circa 9% due to a further decline in spending on housing RMI.
Average daily turnover in the overall business, including the effect of branch consolidations, declined by 13% in January and February and at half that rate over the March to June period in what continues to be a challenging market.
The impact on performance of lower turnover was mainly offset by cost reductions.