Total sales at builders merchant group Grafton were 19% lower at £1.05bn for the year ended June 30 2020 due to the effects of the UK lockdown and the Covid-19 pandemic.
Operating profit was £39.4m, a drop of 61% and pre-tax profits were 72% down at £24.8m
However, the half-year report, released this morning (August 27) also shows a strong recovery in RMI markets across all the group’s geographic areas, in particular an exceptional performance by Irish DIY business Woodie’s following 51 days of suspended trading.
Chief Executive Officer Gavin Slark, said: “We are very pleased with the performance of our business which was made possible by the outstanding efforts and commitment of colleagues in a half year outturn that demonstrates the resilience and the cash generative qualities of our Group and the agility of our management teams in responding to the Covid-19 pandemic.
“Grafton’s resilience, market positioning and geographic diversity together with its low debt and strong liquidity leaves the Group well positioned for continuing progress. We are very encouraged by the performance of the Group in recent months as it emerged in a strong position from the Covid-19 lockdown and based on current trends the Group should deliver a similar level of adjusted operating profit in the second half to the comparable period last year.”