Grafton FY to beat estimates as revenues surge

11th Jan 2023 07:58

(Sharecast News) - Builders merchant Grafton said it expected annual profit to beat analysts' forecasts after a 9% rise in revenues during 2022.

In a trading update on Wednesday, the group said over half of its revenue was generated in Ireland, the Netherlands and Finland.

"It is pleasing to note that despite mixed macroeconomic and market conditions, we expect full year operating profit to be slightly ahead of the top end of analysts' forecasts for 2022," said chief executive Eric Born.

The company said group revenue rose 9.1% to £2.30bn last year and revenue trends continued to be favourable in the distribution businesses in Ireland and the Netherlands supported by good underlying demand and building materials price inflation.

Trading conditions in the UK continued to soften in the distribution business although the rate of decline in volumes slowed.

Reporting by Frank Prenesti for Sharecast.com