Grafton Group highlights better than expected year end

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Grafton Group PLC (LON:GFTU) told investors that revenue and profitability in November and December was ahead of expectations.

The DIY retailer said that adjusted operating profit is expected to exceed market consensus of £174mln by slightly more than five per cent.

All the company’s distribution, retail and manufacturing branches remain open as essential suppliers. It highlighted strong year-end net cash position and excellent liquidity.

It said that the financial position remains very strong with liquidity of £800mln at the end of the year.

“We are very encouraged by the strong recovery and performance of the group in the second half of the year,” said Gavin Slark, chief executive.

“Despite the uncertainties related to the pandemic, we believe Grafton is well placed for continuing progress in the year ahead supported by our very strong financial and market positions.”

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