Subdued Grafton down by 8.7%

SHARES in builders’ merchanting group Grafton dropped by nearly 8.7% yesterday on the back of the company saying that recovery in its key markets remains slow.

The Dublin-headquartered group said in its half-year trading update yesterday that its trading performance continues to improve, but the business climate in its core markets is showing only slow signs of recovery.

Grafton — which owns the Heiton-Buckley and Chadwick’s merchants businesses as well as DIY retailers Woodie’s and Atlantic Homecare — said that group turnover for the first half of 2011 amounted to around €997 million; marginally up on the €979m generated in the first six months of 2010.