Grafton turnover continuing to stabilise

Builders' merchants and DIY suppliers Grafton Group in a trading statement issued today said turnover was continuing to stabilise.

“The stabilisation of Group turnover referred to in previous updates has continued through to the year end with sales in the second half being similar to those achieved in the first six months,” the company said.

Turnover to the end of December was around €1.98bn, down €0.69bn or 26% on the €2.67bn achieved in 2008, but in line with market expectations.

The company said trading conditions remained “challenging” in the UK market, but ”green shoots” such as increased mortgage lending, housing transactions, house building and some house price inflation were being reflected in improving sales.

In Ireland, like for like sales per working day in the second half were down 32% compared to minus 37% in the first half.

While the company said it was “cautious” about the outlook for 2010, it said it was well placed to capitalise on any improvement in its markets.

Grafton group trades in Ireland under the Chadwicks and Heiton Buckley brands.