Grafton sees profits stabilise during first half of the year

DIY group Grafton has said that turnover for the first half of the year was about €980m, down €10m on the same period the year before.

However, the group said profits recovered strongly in the second quarter relative to the first quarter this year, and the corresponding quarter in 2009.

In constant currency terms, sales growth in Q2 was 1% after a decline in Q1 of 7%. Like-for-like UK merchanting sales were down 2% in Q1 and rose 4% in Q2, as the new housing market strengthened. Irish merchanting sales continue to decline with falls of 22% in Q1 and 10% in Q2.

in a statement this morning, Grafton said it expected to "build on the progress made in the first half in the months ahead".

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