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Grafton H1 Group Revenue In Cont. Ops. Down 19.4%

Grafton Group Plc (GFTU.L) reported a 19.4% decline in group revenue in continuing operations for the six months to 30 June 2020, due to "the impact on trading of the Covid-19 pandemic."

The company's first-half group revenue in continuing operations was £1.06 billion, down 19.4% from £1.31 billion in the same period of last year.

Trading in the month of June was more resilient than anticipated with Group revenue in continuing operations of £247.8 million. This was 11.4% ahead of June 2019 revenue of £222.4 million with the benefit of two additional trading days in the distribution and manufacturing businesses and revenue from the acquisition of Polvo in July 2019.

Grafton noted that trading during the month of June is likely to have been influenced by pent-up demand as Covid-19 restrictions were lifted and the company remains cautious about revenue trends in the second half of the year.

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