Shares in Grafton Group (LSE: GFTU) fell 2.35% on Thursday, dropping 19.6p to 812.7p, after the European building materials distributor issued a trading update that highlighted deteriorating conditions in its Great Britain business, even as other regions continue to perform well.
The Dublin-headquartered group reported that Group revenue for the four months to 30 April 2026 rose 3.2% to £830.1m, though growth was just 1.0% in constant currency terms. Average daily like-for-like sales were flat overall, with a 5.0% decline in Great Britain — its weakest performing segment — dragging on results from stronger regions.
Iberia led the way with 5.0% like-for-like growth, while the Island of Ireland and Northern Europe posted gains of 1.8% and 1.6% respectively.
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Grafton completed two acquisitions during the period — Cygnum, a timber frame solutions provider in Ireland, and Mercaluz, an HVAC distributor in Spain — both in markets the group describes as among Europe’s fastest-growing. The company said these deals are expected to offset the weaker Great Britain outlook.
Full-year 2026 adjusted operating profit is now guided at £190m–£200m, broadly in line with analyst consensus of circa £190.8m, suggesting limited upside surprise for investors.
CEO Eric Born struck a cautiously optimistic tone, pointing to progression despite headwinds, with a Capital Markets Event scheduled for 11 June 2026 set to outline the group’s medium-term ambitions.
Investors appear unconvinced for now, with the stock touching an intraday low of 800.8p.
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