StockMarketWire.com - International builders Grafton Group said adverse weather in March had a significant impact on activity in the first four months of year, reducing like-for-like revenue growth but the firm remained confident that it would meet full-year expectations.

For the period from 1 January to 30 April, the rate of growth in average daily like-for-like revenue was 1.3% for the period, the firm said.

Group revenue increased by 7.0% to £907m in the four months and by 6.2% in constant currency.

Merchanting revenues in the UK were softer compared to the same period last year as competitive pricing pressures weighed.

But the firm's merchanting revenues in Ireland and Netherlands performed strongly, while improving trends in Belgium were offset by lower new build construction activity in March and April.

'We should continue to benefit from exposure to strong growth markets in Ireland and the Netherlands and, consistent with our view coming into the year, expect underlying demand in the UK RMI market to remain subdued but house building to perform strongly,' said Gavin Slark, Chief Executive Officer of Grafton Group.

The firm's retailing division in Ireland had a strong start to the year, supported by positive market conditions and the benefit of store upgrades and new and extended product ranges.

While, strong manufacturing revenue growth seen last year continued durign the period supported by consumer demand in the new housing market.




At 9:13am: [LON:GFTU] Grafton Group PLC share price was -33.75p at 765.75p



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