Grafton Group PLC on Tuesday said trading conditions improved in the last two months of the calendar year despite a challenging market backdrop.

In a trading statement, the Dublin-based building materials distributor and DIY retailer said it returned to average daily like-for-like sales growth of 1.0% for the two months to December 31.

Group revenue for 2024 was £2.28 billion, down 1.6% from £2.32 billion a year prior, and broadly in line in constant currency. A weaker euro during 2024 slightly reduced the level of reported results as compared to the prior financial year, Grafton said.

‘Since our last trading update at the end of October 2024, overall conditions improved slightly in the last two months of the year compared with the same period last year,’ Grafton said.

The company added full year results were in line with expectations despite a ‘challenging macro backdrop in certain markets.’

Chief Executive Eric Born said: ‘We are pleased to have delivered in line with expectations in 2024, despite a challenging market backdrop in several of our markets, particularly the UK and Finland. Our Irish businesses continue to perform strongly with a positive outlook for continuing growth.’

Grafton flagged a strong performance in Ireland and said the rate of decline continues to ease in the UK.

Cost discipline remains a key focus in the face of cost inflation and a muted outlook for near term growth, the firm added.

Looking ahead, Born said: ‘Whilst the timing of recovery in certain geographies remains uncertain, our medium term outlook is positive, supported by strong demand fundamentals underpinned by housing shortages in many of our key markets.’

Shares in Grafton were 0.8% higher at 851.20 pence each in London on Tuesday morning.

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