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Grafton Group Reports LFL Revenue Growth in Half-Year Trading

Gavin Slark - Grafton CEO.jpg

Grafton Group plc, the merchanting and DIY Group with operations in the UK, Ireland, the Netherlands and Belgium, issues this trading update for the half-year to 30 June 2019 ahead of Interim Results which will be announced on Friday 30 August 2019.

Group Revenue 

Group revenue increased by 2.4 per cent to £1.48 billion (Six months to 30 June 2018: £1.45 billion) and by 2.6 per cent in constant currency.  Like-for-like Group revenue increased by 3.9 per cent.

Group trading in May and June was measured against very strong prior-year comparatives1.  Market conditions in the Group's UK markets were softer than anticipated during these months reflecting weaker demand in the residential repair, maintenance and improvement and house building markets. 

The table below shows the changes in average daily like-for-like revenue and in total revenue compared to the same periods in 2018. 

Segment

Average Daily Like-for-Like Revenue Growth

 in Constant Currency

Total Revenue Growth

Constant

Currency

Sterling

 

Four Months to 30 April 2019  

Two Months to 30 June

2019

Six Months

to 30 June

2019

Six Months

to 30 June 2019

Six Months

to 30 June

 2019

Merchanting

 

 

 

 

 

      - UK

4.8%

(0.5%)

2.8%

1.4%

1.4%

     - Ireland

10.7%

4.3%

8.3%

7.4%

6.7%

     - Netherlands

3.5%

2.5%

3.1%

6.2%

5.4%

     - Belgium

14.8%

5.7%

10.9%

1.0%

0.3%

Retailing

12.2%

(8.4%)

2.9%

2.9%

2.2%

Manufacturing

7.3%

(5.1%)

2.9%

2.1%

2.1%

Group

6.4%

(0.3%)

3.9%

2.6%

2.4%

Gavin Slark, Chief Executive Officer of Grafton Group plc commented today:               

"Following a strong start to the year Grafton saw some easing of trends in recent months.  We expect a continuation of the positive trading conditions in our markets in Ireland and the Netherlands.  Activity over the summer in the UK will be an important determinant of momentum entering the significant trading months of September through to November.  Our current expectations for full year profitability, including the benefit of the recently completed Polvo acquisition, remain broadly unchanged."  

1.    Note 

Average Daily Like-for-Like Revenue Growth in Constant Currency

Segment

Two Months to

30 June 2018

Merchanting

- UK

- Ireland

- Netherlands

- Belgium

 

5.8%

9.6%

7.7%

(2.9%)

Retailing

25.9%

Manufacturing

31.5%

Group

8.2%

 Source : Insight DIY Team and Grafton Group

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10 July 2019

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