Grafton Group plc provided earnings guidance for the six months ended June 30, 2022. For the period, the company Overall Group trading was good in the half year with total revenue up by 13.9 per cent in constant currency. Average daily like-for-like revenue growth of 3.4 per cent was complemented by a significant contribution from acquisitions in Finland, the UK, Ireland and the Netherlands.

The distribution businesses in Ireland and the Netherlands performed strongly in good markets with performance in the UK Distribution business more subdued, against strong comparators in 2021. There was some unwinding of higher margin revenue from retail customers in the distribution businesses in the UK and Ireland in the first half of last year that was driven by exceptional demand for home and outdoor space improvements. Revenue normalised in the retailing business in Ireland as the exceptional gains during the Covid-19 lockdown reversed as anticipated and the UK Manufacturing business performed strongly.

Group revenue increased by 12.1% to £1.15 billion in the half year from £1.03 billion in first half of 2021, excluding the traditional merchanting business in Great Britain that was divested on 31 December 2021.