Last checked at 13 Jul 2010 07:00
Grafton Group plc
Trading Update
Half Year to 30 June 2010
Grafton Group plc, the builders merchants and DIY Group with operations across the UK and Ireland, issues this trading update for the six months ended 30 June 2010.
Group turnover for the half year was circa €980 million, marginally lower than turnover of €990 million in the first half of 2009. As expected Group operating profitability in the period was ahead of last year. Profits recovered strongly in the second quarter relative to the first quarter of 2010 and the corresponding quarter in 2009.
In constant currency terms sales growth in Q2 was 1 per cent after a decline in Q1 of 7 per cent. Like for like UK merchanting sales were down 2 per cent in Q1 and rose 4 per cent in Q2, as the new housing market strengthened. Irish merchanting sales continue to decline with falls of 22 per cent in Q1 and 10 per cent in Q2.
The Group's financial position continues to be strong with good liquidity and substantial cash flow from operations. The refinancing of the Group's debt is progressing satisfactorily and on schedule. It is anticipated that new arrangements will come into effect in the third quarter.
The Group expects to build on the progress made in the first half in the months ahead.
Ends 13 July 2010
| For further information please contact: | |
| Grafton Group plc + 353 1 216 0600 | Murray Consultants + 353 1 498 0300 |
| Michael Chadwick, Executive Chairman | Joe Murray |
| Colm Ó Nualláin, Finance Director |
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| Citigate Dewe Rogerson + 44 207 282 2945 |
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| Ginny Pulbrook |