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Grafton Group PLC on Thursday reported a rise in both full year revenue and profit as trading returned to more normal levels since the Covid-10 pandemic. The Dublin-based building materials firm, owner of Selco Builders Warehouse, said revenue increased by 9.1% to £2.30 billion in 2022 from £2.11 billion a year ago. Pretax profit grew 0.8% to £251.7 million from £249.8 million, as basic earnings per share rose by 3.4% to 89.3 pence from 86.4p a year ago. Adjusted pretax profit rose 1.7% to £273.3 million from £268.6 million. Grafton said volumes were generally down in residential repair, maintenance and improvement markets as households ‘reduced discretionary spending on the home under pressure from declines in real disposable incomes and rising interest rates’. Chief Executive Officer Eric Born said: ‘In my first set of results as chief executive, I am pleased to report a strong performance by the group which is ahead of market expectations. This is a great achievement by my new colleagues across the business and is testament to their dedication and professionalism.’ It declared a final dividend of 23.75 pence per share, taking total dividend to 33.0p, up 8.2% from 30.50p a year prior. Looking ahead, Grafton said trading returned to more normal levels following the ‘exceptional rise in spending on the home during the pandemic and supply chain pressures eased considerably’. It remained focused on delivering a strong performance. Shares were down 0.8% at 928.20 pence each on Thursday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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