Builders' merchants and DIY group Grafton said turnover continued to stabilise during 2009, but fell 26 per cent compared with a year earlier.
In a trading update for the year ended December 31st, 2009, turnover for the group was about €1.98 billion, compared to 2008's €2.67 billion.
The second half of the year saw group merchanting turnover fall 14 per cent, compared to 24 per cent decline in the first half. DIY turnover was down 18 per cent for the last six months of the year, unchanged on the first half. Manufacturing turnover also declined, falling 36 per cent in the second half compared to 49 per cent in the previous half.
There was some improvement seen in like for like sales per working day in the UK businesses, despite "challenging" conditions. The UK businesses, which account for over two thirds of Group sales, fell 7 per cent in the second half. In the first half, they fell 18 per cent.
The company noted "green shoots" in key UK sectoral indicators - increased mortgage lending, housing transactions, house building and some house price inflation - are leading to improving sales across its UK businesses.
However, in Ireland, like for like sales per working day in the second half were down 32 per cent, compared to a fall of 37 per cent in the first half.
Grafton said net debt was reduced throughout the year.
"While the Group is cautious about the outlook for 2010 it will benefit from the cost reduction and integration programme implemented over the last 18 months," the group said in a statement.
"The group is well placed to capitalise on any improvement in its markets."
Share in Grafton were up 1.5 per cent on the Dublin market this afternoon, trading at €3.19.