Grafton revenue over €1.83bn up to October

Revenue at DIY and builders merchant group Grafton passed €1.83 billion in the first 10 months of 2012, up from €1.73 billion last year.

In an interim statement this morning, the group said it was on course to report full-year operating profit (before restructuring and amortisation) at the higher end of market expectations.

“Increased operating profit was achieved in the 10 months to October, despite difficult markets, through a disciplined focus on self-help measures,” Grafton said.

Irish Merchanting turnover declined by 8.7 per cent in the 10 months, a rate consistent with the half year.

Trading in September and October benefited from a strong performance by the plumbing and heating division and promotional activity.

In the UK, Grafton said its merchanting turnover increased by 3.6 per cent in the 10 months to October 2012.

Grafton’s UK business accounts for 76 per cent of revenue, up from 72 per cent in 2011.

Grafton Group, which operates builders merchanting stores and DIY retail shops in Britain, Ireland and, to a lesser extent, Belgium, employs more than 9,000 people.

While the company is seeing some recovery in the UK, Ireland remains weak with Merchanting down 8.7 per cent in the year to date according to Dolmen Stockbrokers.

“There are, however, nascent signs of improvement across all businesses over the past two months,” Dolmen said.