Grafton reports UK growth

Published:  06 May, 2010

DUBLIN: Grafton Group reported January trading badly affected by the adverse weather conditions in an interim statement issue before today's AGM with sales €25m below the previous January.

Trading in the UK, which now accounts for over 70% turnover, picked up with like-for-like turnover growth in the following months.

Sales in Ireland remain below 2009 levels but the rate of decline has reduced, the company said.

Group turnover for the four months to the end of April was €617m, down €22m on the first four months of 2009. UK merchanting sales in sterling increased by 4% in the three months to the end of April.

Cost reduction for the three months to March 2009 was €4.1m that will give annualised savings of €4.2 million.

Roderick Ryan is appointed senior independent director succeeding Anthony Collins who retires from the board at the AGM later today.

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