Grafton Group PLC - Dublin-based building materials firm, owner of Selco Builders Warehouse - Says performance in the quarter ended on April 23 is in line with expectations, with revenue up 2.8% to GBP704.3 million from GBP685.4 million a year earlier. Says the trading in March was "a little" softer than expected with sales of seasonal products in Ireland and the UK affected by wet weather conditions. Notes lower volumes than in the same period last year. However, Grafton backs full year operating profit guidance. In 2022, operating profit was GBP264.3 million.
Additionally, announces a programme to buy back up to 10% of ordinary shares in the company for an aggregate consideration of up to GBP50 million, subject to shareholder approval.
Chief Executive Officer Eric Born says: "Since joining the group five months ago, I have spent significant time working with colleagues in our businesses to refine our development plans whilst also visiting many potential acquisition opportunities in European markets and I remain confident about the medium-term prospect of increasing shareholder value."
Current stock price: 850.85 pence each, down 1.1% on Thursday morning in London
12-month change: down 8.6%
By Xindi Wei, Alliance News reporter
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Grafton Group (GFTU)