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.

Executive chairman of Grafton, Michael Chadwick said: "We are operating in difficult economic circumstances and management is continually reassessing its response to changing conditions.

"We are taking actions proportionate to the challenges faced in the UK and Irish markets. In the current year, we will maintain our focus on cost-control, operational efficiencies and cash generation and implement deeper cuts to overheads where demand continues to contract", he added.