logo
Plus   Neg
Share
Email

Grafton 2-month Revenue Up, FY Revenue Declines; Sees Profit Ahead Of Market - Quick Facts

Building materials distributor and DIY retailer Grafton Group plc (GFTU.L) reported Tuesday that its revenue and profitability in the two months to December 31, 2020 was ahead of expectations.

Total revenue for the 2 months grew 10.8 percent to 439.4 million pounds from 396.7 million pounds last year. Group average daily like-for-like revenue went up by 7.2 percent.

Meanwhile, Group revenue for the year 2020 from continuing operations declined 6.1 percent to 2.51 billion pounds from 2.67 billion pounds a year ago. The company recorded a sharp decline in trading during the second quarter lockdown that was significantly offset by a strong recovery in the second half of the year.

Looking ahead, the company expects adjusted operating profit for the year to be slightly more than five percent ahead of current consensus of 174 million pounds.

The outlook reflects stronger than expected performance in November and December though the outturn will be lower than 2019 due to the significant impact of Covid-19 in the first half.

The company noted that the most recently announced lockdown measures in Ireland have seen the temporary closure of most construction activity from January 9. However, the company's branches remain open to support essential maintenance and those elements of the industry that are permitted to operate.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration said that it will rapidly work toward finalization and issuance of an emergency use authorization of Johnson & Johnson's (JNJ) single-shot COVID-19 vaccine candidate. Billionaire Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B) reported that its fourth-quarter net earnings attributable to shareholders rose 23 percent to $35.84 billion from last year's $29.16 billion, with earnings per share improving to $23,015 per Class A share from $17,909 per Class A share in the prior year. Walmart Inc. has launched a nationwide drive to boost COVID-19 vaccination rates by reaching out to more residents in vulnerable communities. The retail giant will organize a series of community events at 43 locations in 18 states to administer the COVID-19 vaccine. Walmart said it plans to continue these new events over the next several weeks as vaccine allocations allow.
Follow RTT