Grafton Group (LSE:GFTU), the European distributor of construction-related products and solutions, said first-half group revenue rose 6.7% to £1.34bn, up from £1.25bn a year earlier.
Average daily like-for-like revenue across the group grew a modest 0.6% in the six months to 30 June, as strong momentum in Iberia and continued growth in the Island of Ireland largely offset a 5.1% like-for-like decline in Great Britain.
Salvador Escoda in Spain grew like-for-like revenue 6.6%, helped by record first-half temperatures and strength across air conditioning and refrigeration lines, while the Island of Ireland businesses delivered 3.4% growth as Chadwicks recovered from earlier weather disruption.
Newly acquired Mercaluz in Spain and Cygnum in Ireland are trading in line with expectations, the company said, while Great Britain continued to suffer from subdued construction activity and weak consumer confidence.
Grafton reaffirmed its full-year adjusted operating profit guidance of £190m to £200m, expecting second-half trading conditions to remain broadly consistent with the first half: continued strong growth in Iberia, favourable conditions in Ireland, subdued markets in Northern Europe, and no meaningful improvement in Great Britain.
"Strong growth in Iberia and the Island of Ireland, together with continued progress in Northern Europe, has largely offset ongoing weakness in Great Britain", said chief executive Eric Born, adding the group remains confident of meeting its 2026 profit expectations and its target of compound annual adjusted earnings-per-share growth above 10% out to 2030.
Grafton will publish half-year results on 3 September.
