Woody’s DIY parent group Grafton Group said full year operating profit would be in line with expectations as the company maintained a strong financial position, and planned a new £100 million share buyback programme.
In a trading update for the period between July 1st and October 31st, the group said average daily like for like revenue was slightly stronger year on year, rising 1.8 per cent compared with 2021. However, measured against pre-pandemic figures, the growth was more pronounced, rising more than 17 per cent.
Group revenue from continuing operations, which excludes the traditional merchanting business in Britain that was sold at the end of last year, was 9.5 per cent higher at £1.93 billion over the 10 months to October 31st 2022. In 2021, that figure was £1.76 billion, and pre pandemic, in 201, it was £1.39 billion.
More than half of the revenue is now accounted for by the business in Ireland, the Netherlands and Finland, with favourable first half revenue trends in the distribution businesses in Ireland and the Netherlands continuing. Chadwicks in Ireland continued to operate at high activity levels, with the market showing significant price inflation.
IrishTimes
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