Grafton profits down 70%

The building materials group Grafton is warning of job losses after reporting a 73% drop in pre-tax profits to €64m. Adjusted earnings per share are down 62% at 32.2 cent.

Turnover in Ireland fell by 20% to €986m last year, with DIY store sales down 11% as consumer spending slumped. UK sales fell by 1% to €1.34bn.