Here is a summary of the trading update for Grafton Group plc for the period from January 1, 2024, to June 30, 2024
Grafton Group plc, an international building materials distributor and DIY retailer, released its trading update ahead of its half-year results.
The Groups revenue for the period was £1.14 billion, a decrease of 4.4% from the previous year, or 3.0% lower in constant currency.
Trading conditions remained challenging, with average daily like-for-like revenue down 4.5% year-on-year.
In Ireland, Chadwicks saw a resumption of growth in the second quarter, and the outlook for construction remains positive.
In the UK, Selco experienced price deflation and cautious customer spending, although there are signs of improving consumer confidence.
Revenue growth from larger construction projects in the Netherlands partially offset declines in other areas, and the housing market is showing positive signs.
IKH in Finland saw a decline in average daily like-for-like revenue but performed well relative to the overall Finnish market.
Woodies DIY, Home and Garden business in Ireland saw slightly weaker sales in the second quarter but improved profitability through good margin management and cost control.
CPI Mortars and StairBox in UK Manufacturing experienced volume declines, but StairBox improved profitability through margin management and acquisitions.
Grafton remains confident in its medium-term outlook, actively pursuing inorganic development opportunities, and strengthening its market and sector positions.
Overall, Grafton Group plc is navigating challenging market conditions while focusing on financial discipline and strategic growth opportunities.