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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.

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