Builders merchants and DIY group Grafton Group plc has reported group turnover of around €980m for the six months to June 30, 2010.
This was marginally lower than turnover for the first half of 2009, which was €990m.

The trading update said group profitability was ahead of last year for the period, as profits recovered strongly in the second quarter (Q2) relative to the first quarter (Q1) of 2010 and the corresponding quarter in 2009.

Sales grew 1% in constant currency terms during Q2 after a decline in Q1 of 7%. Like-for-like UK merchanting sales were down 2% in Q1 and rose 4% in Q2 as the new housing market strengthened.

The report continued: "The group's financial position continues to be strong with good liquidity and substantial cash flow from operations. The refinancing of the group's debt is progressing satisfactorily and on schedule. It is anticipated that new arrangements will come into effect in the third quarter. The group expects to build on the progress made in the first half in the months ahead."