Builders merchant group Grafton Group plc have warned that their 2008 earnings and profits will be towards the ‘lower end of market expectations’.
The Irish group issued a trading statement today which said: “The difficult trading conditions reported in our Interim Management Statement on the 19th November continue across our markets in both the UK and Ireland. Group Turnover for the year is expected to be circa €2.67 billion after taking into account the conversion effect of the significant sterling weakness experienced in 2008.
“Grafton Group is profitable and cash generative. Management continues to deal with the challenges presented in the current trading environment. The Group expects that earnings before exceptional costs for the full year will be towards the lower end of market expectations.”
The Group’s announcement of its preliminary results is expected to be on February 27, 2009.