Grafton reports positive trading with revenue rising

Builders merchanting group Grafton said its trading was positive in the early part of the year, with revenue rising.

In the period from January 1st to April 17th, revenue for the group was 15 per cent higher at £645.3 million (€766m), the group said in a trading statement, up from £561.1 million in the same period in 2021. That excluded the traditional merchanting business in Britain that Grafton sold in December last year. Revenue growth was driven by building materials price inflation.

Grafton said its distribution and manufacturing businesses continued to benefit from broadly favourable markets, while revenue in the retailing business in Ireland normalised relative to the comparative period when it was deemed an essential retailer during the Covid lockdown.

The latter saw revenue, which includes the Woodies DIY stores, fall more than 31 per cent. However, the business traded well above the pre-pandemic level of 2019.

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Revenue from its Irish merchanting business rose 34 per cent.

Grafton said it continued to actively manage the current inflationary and supply chain backdrop.

“We have seen a positive start to the year and generally good underlying demand conditions in the residential RMI [repair, maintenance and improvement] and new build markets that we serve. While there is some uncertainty about how the squeeze on disposable incomes will impact demand, we remain agile and responsive to any trading patterns that may emerge over the remainder of the year,” said chief executive Gavin Slark.

“The group’s portfolio of high performing businesses gives us a resilient platform to outperform our markets, and with a strong balance sheet and continuing investment opportunities we are confident about making further progress on the delivery of our medium-term strategy.”