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UK market strength helps Grafton sales rise

Irish merchanting group Grafton saw group turnover rise by 2.5% to c. €2.05 billion, according to a trading update issued this morning.

UK market strength helps Grafton sales rise

The group said that trading conditions were difficult during 2011 but that the final two months of the year benefited from the more favourable weather conditions compared to the same period in 2010.

The UK business, which accounts for over 70% of Group turnover, saw average daily like for like UK sterling turnover increase by 4.5%, compared with an increase of 4.0% in the ten months to October 2011.

In Ireland, the weaker economy contributed to a fall in Irish Merchanting turnover in 2011 of 6.4% compared to a decline of 7.7% in the ten months to October 2011.

Average daily like for like UK sterling turnover increased by 7% in November and December and turnover in the Irish business was marginally ahead in the same period.

The Group expects 2011 operating profit (before restructuring costs, a provision for onerous leases and amortisation costs) to be at the upper end of the €52 to €55m range, as estimated in the Interim Management Update issued on November 9 2011.

About Fiona Russell-Horne

Fiona Russell-Horne
Group Managing Editor across the BMJ portfolio.

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