Grafton ‘cautious’ on UK despite good start to year

Dublin-based builders suppliers business Grafton Group has expressed caution about its core market of the UK despite seeing a strong start to the year.

The bulk of the group’s business comes from its UK merchanting division. In a trading update covering the first four months of the year — published to coincide with its AGM in Dublin yesterday — Grafton said it had become more “cautious” about the British market.

This is despite management last year saying Brexit wouldn’t be a long-term worry and adding, earlier this year, that it was “largely unworried” about the UK’s pending EU exit.