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Woodies DIY challenged by softer UK market

Published: 10 July 2019 - Kiran Grewal

Grafton Group plc, the merchanting and DIY Group with operations in the UK, Ireland, the Netherlands and Belgium, has issued a trading update for the half year to 30 June 2019.

The Group said trading in May and June was measured against very strong prior year comparatives and market conditions in the Group's UK markets were "softer than anticipated" during these months reflecting weaker demand in the residential repair, maintenance and improvement and house building markets. Like-for-like revenue growth fell by 0.5% in its UK merchanting business over the two months, according to the report.

 



Group revenue increased by 2.4% to £1.48 billion (Six months to 30 June 2018: £1.45 billion) and by 2.6% in constant currency. Like-for-like Group revenue increased by 3.9%.

Gavin Slark, chief executive officer of Grafton Group plc commented: "Following a strong start to the year Grafton saw some easing of trends in recent months. We expect a continuation of the positive trading conditions in our markets in Ireland and the Netherlands. 

"Activity over the summer in the UK will be an important determinant of momentum entering the significant trading months of September through to November. Our current expectations for full year profitability, including the benefit of the recently completed Polvo acquisition, remain broadly unchanged." 

Interim Results which will be announced on August 30 2019.

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