Grafton shares rise 1% on UK outlook

Shares in Grafton have risen 1% in London as the Woodie’s and international merchants group reassured about the outlook for its UK operations. 

There are fears the UK economy could slow rapidly as consumers rein in spending as prices soar after the Brexit-driven slump in the value of sterling.

However, in its trading update, Grafton chief executive said the group was cushioned by its international operations and by positive trends in Ireland and the Netherlands. “While we remain optimistic on the medium-term outlook for the UK, we are cautious about the shorter term impact of current uncertainty and pressure on real incomes which may temper growth in spending on housing,” said Gavin Slark.