Grafton Group plc, the builders merchanting and DIY Group, saw its 2017 Group revenue increase by 8.8 % to £2.7 bn issues according to a trading update for the year ended 31 December 2017, issued in advance its Final Results for 2017 on 1 March 2018.
UK merchanting revenue rose 4.5% for the full year on a like-for-like basis, although the fourth quarter was up only 3%, compared with strong growth in the final quarter of 2016. Trading conditions in the residential RMI market were mixed and affected by general economic and household uncertainty and a competitive pricing environment.
Selco opened 12 branches during 2017, increasing its branch network to 59, with Howard Luft appointed Chief Executive Officer of Selco with effect from 1 January 2018.
The Irish merchanting business saw its fourth successive year of double-digit like-for-like revenue growth, with demand driven by growth in the residential RMI market and the recovery from a low base in house building.
Gavin Slark, Chief Executive Officer of Grafton Group plc said: “We are pleased with the progress made across the Group during 2017 which reflects the benefits of self-help and strategic initiatives to grow the business. We enter the new year in a favourable positon well placed to implement our growth strategy supported by good cash flow from operations, a strong balance sheet and low net debt.”