Grafton profit stumbles
Builders merchants and DIY group Grafton Group said it is well placed to cope with more challenging markets as it faces a downturn in the residential construction market and slowdown in the international economy.
The Irish firm said group turnover in the four months to 30 April declined 8% to €944m reflecting the impact of a 12% decline in sterling against the euro.
Pre-tax profit for the four months was, as expected, significantly down compared to the very strong performance in the same period last year, the group said.
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In the UK, the residential repair, maintenance and improvement market has shown "resilience despite lower investment and spending on housing due to tightening in the availability of finance secured on property."
Meanwhile the sharp fall in housing starts and completions in Ireland has, as expected, led to a more difficult trading environment for the Irish Merchanting business, it added.
