StockMarketWire.com - Builders merchants group Grafton pulled its dividend after reporting a sharp decline in first-half profit as revenue fell owing to the impact of the pandemic.

For the six months ended 30 June, pre-tax profit fell 76% to £20.5m on-year as revenue slipped 29% to £1.06bn. The company attributed the weakness to 'the decline in profitability in the distribution and manufacturing businesses in the UK and the distribution business in Ireland as a consequence of the measures introduced to stop the spread of the Covid-19 virus including the temporary closure of branches.' The company said it did not propose paying a first interim dividend for 2020 owing to the impact of Covid-19. 'Based on current trends the group should deliver a similar level of adjusted operating profit in the second half to the comparable period last year,' the company said.





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