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Grafton profit declines as merchanting business hit by weaker economic growth

By BFN News | 09:55 AM | Thursday 27 February, 2020


Builders merchanting group Grafton reported a fall in profit as growth was hurt by a softer backdrop in its UK merchanting business amid weaker economic growth in the second half of the year. For 2019, pre-tax profit fell to £172, from £173m on-year as revenue rose 3% to £2.7bn. The total dividend was raised 6% to 19.00p a share. Looking ahead, the company said the 'outlook for 2020 is of continuing but moderating growth in Ireland and the Netherlands and while reduced uncertainty may lead to some uplift in the UK RMI market, we remain cautious about the speed of any recovery.' At 9:55am: (LON:GFTU) Grafton Group PLC share price was -2.75p at 894.25p Story provided by StockMarketWire.com

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