Grafton Group reported adjusted operating profit of £173.5 million, a 15% decrease from the previous year, yet better than forecasted. CEO Eric Born highlighted a slight improvement in trading conditions in Q4 2024 compared to the same timeframe last year. While ongoing price deflation in Ireland and rising costs impacted finances, segments like Chadwicks and Woodie's showed slight profitability growth. However, overall profits declined in other operations, reflecting market challenges and increasing operational costs driven by wage and lease inflation.
Though most markets remained challenging, overall trading conditions did improve slightly in the final quarter of 2024 compared with the same period last year, with the group returning to average daily like-for-like sales growth in this period.
This improvement was delivered despite housing completions in the year being lower than 2023 and with repair, maintenance and improvement demand remaining subdued.
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