Grafton announces rise in H1 group turnover
Grafton Group plc have announced that turnover for the six months ended June 30, 2011, was around €997m, compared to €979m in the first half of 2010.
The builders merchants and DIY Group, with operations in the UK and Ireland, said turnover in the early months of the year benefitted from more favourable weather conditions than in the same period last year and the rate of growth moderated in the second quarter.
UK average daily like-for-like sterling turnover increased by 4.7%.
Demand was resilient in the RMI-focused UK merchanting business against the background of pressure on disposable incomes and consumer spending.
Irish turnover for the half year was down by 6% and was impacted by challenging trading conditions in the Merchanting and DIY markets.
Spending on housing RMI and DIY was lower due to general weakness in the economy, reflecting a decline in incomes and contraction in employment levels.
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.
However, the group continues to significantly improve its trading performance from the historically low levels of the recession.
