9th Jul 2020 09:13
(Alliance News) - Grafton Group PLC on Thursday said it remains cautious going forward, despite reporting an improved performance for the month of June.
The Irish builders merchants business also said that revenue for the six months to June 30 fell 19% year-on-year to GBP1.06 billion from GBP1.31 billion recorded last year due the Covid-19 pandemic.
Grafton noted that trading in June was "more resilient" than anticipated, with revenue in continuing operations of GBP247.8 million, 11% ahead of the prior year, with the benefit of two additional trading days in the distribution & manufacturing businesses and revenue from the acquisition of Polvo in July 2019.
Average daily like-for-like revenue in June was down by 1.1% on the year before.
Looking ahead, Grafton said it remains cautious about revenue trends in the second half of the year.
"While we face many challenges in the months ahead, we are encouraged by the group's trading and financial performance in the month of June which represented an important milestone on the road to recovery," said Chief Executive Gavin Slark.
"Grafton is in a strong financial position and our resilient portfolio of market leading businesses is emerging stronger from this crisis and remains well positioned for future growth," added Slark.
Shares in Grafton were trading 4.1% higher in London on Thursday at 666.00 pence each.
By Evelina Grecenko; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Grafton Group