Grafton profits plunge 50%

Building materials group Grafton has seen a 50% plunge in profits for the first half of the year, down from €106.4m to €53.4m.

Revenues were down 11% from €1.61bn to €1.44bn. Grafton boss Michael Chadwick said the six-month period brought "the most challenging trading conditions...in over 15 years".

The group said it expected the economies of Ireland and the UK to recover since both are "fundamentally sound".

"Both economies...should return to more sustainable levels of growth when the restraining effects of higher inflation and tighter credit conditions ease," Chadwick said today.

Grafton owns builders and DIY suppliers Chadwicks, Woodies and Atlantic Homecare.