Grafton turnover up 4%

Builders merchants and DIY group Grafton today said turnover for the four months to end April was €642m, an increase of 4% on the same period last year.

In an interim management statement issued in advance of the company's AGM this morning, Grafton said average daily UK like-for-like sterling turnover increased by 5.8%.

The rate of decline in turnover in Ireland moderated to 2.6% which included growth of 4.6% in the Irish retailing business, the company said.

Grafton said the recovery in the mainly residential UK business, which now accounts for over 70% of group turnover, continued through the period against a background of some uncertainty in consumer confidence.

Trading conditions in Ireland however remained challenging due to weak demand in the residential market and low levels of activity in the new build markets.

"The Group's strong businesses and financial position leave it well placed to benefit from a recovery in its markets," the statement concluded.