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Grafton Group says business outside Ireland remains ‘challenging’

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Woodies DIY owner unveils fresh share buyback

Grafton, which owns the Woodie’s DIY retail chain, expects its full year operating profit to meet market expectations. The consensus call among analysts is for a figure of £170.9 million down from £205.5 million posted last year. Photograph: Alan Betson

Still, Grafton unveiled a fresh share buyback programme, targeting the repurchase of £30 million of stock over the remainder of the year. The group has already returned £343.3 million to shareholders through stock buy-backs since May 2022. It said that it “remains optimistic” that it can also seal acquisitions.

Like-for-like sales in the UK fell by 7.7 per cent in the first half of the year, and fell 6 per cent between the start of July and August 18th, as spending by households on maintaining and improving their homes remained under pressure. Still, Grafton said that there are “tentative signs” of improving consumer confidence in that key market.

 

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