Grafton Group turnover falls 32%

Builder's merchant and DIY firm Grafton Group has reported a one-third fall in quarterly turnover amid the most “challenging trading conditions in decades”.

Its interim management statement reported group turnover for the three months to 31 March of €470m (£421m) - a fall of €220m (£197m) or 32% on the same period a year earlier.

The firm blamed the fall on reduced availability of credit leading to lower spending on residential repair, maintenance and improvement, as well as a fall in housing starts and completions.

Group manufacturing activities suffered most because of exposure to the housebuilding industry, with turnover in this sector down by 50% during the period.

However, the group said it remained optimistic for the remainder of the year and expected to “benefit from the seasonally stronger trading period”.

The company also announced the appointment of Charlie Fisher, who has a background in property investment and building materials, as a new non-executive director, with effect from 1 May.

Peter Wood has stepped down as a director and member of the board for personal reasons.