Grafton trades in line with FY expectations despite 'challenging macro backdrop'
Builders' merchant said on Tuesday that its 2024 trading performance was in line with expectations despite a "challenging macro backdrop" in certain markets, particularly the UK and Finland.
Grafton said full-year revenues were down 1.6% at £2.28bn but were broadly unchanged at constant currency rates as a weaker euro slightly reduced the level of reported results as compared to the prior financial year.
The FTSE 250-listed group also stated it had returned to average daily like-for-like sales growth of 1.0% in final two months of 2024 and said it had delivered a "strong performance in Ireland" while the rate of decline continued to ease in the UK.
Chief executive Eric Born said: "Whilst the timing of recovery in certain geographies remains uncertain, our medium-term outlook is positive, supported by strong demand fundamentals underpinned by housing shortages in many of our key markets."
Grafton will report FY earnings on 6 March.
As of 0925 GMT, Grafton shares were up 0.66% at 850.0p.
Reporting by Iain Gilbert at Sharecast.com
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