Grafton Group reported a 2.7% decline in like-for-like revenues for 2024, primarily driven by economic weakness in the UK and Finland. While the group's Irish businesses, Woodie's and Chadwicks, performed well, overall growth was constrained by a sluggish economic environment.
No significant pick up in volumes expected as economic growth ’relatively insipid’ growth in key markets
“Against the backdrop of relatively insipid economic growth across many of our key markets, we are not anticipating a significant pick up in volumes this year,” the group said. “While elements of product deflation affecting 2024 have stabilised, growth in product pricing is likely to be very modest.”
Finnish sales declined 5.2 per cent for the year as a whole. However, they edged 2.3 per cent higher in the final two months of 2024, as the Scandinavian country emerged slowly from recession and Grafton saw a boost in demand for winter-related products and it sold off aged inventory.In Ireland, Chadwicks delivered revenue growth of 1.6 per cent during the year, which benefitted from a strong trading performance in the last two months with average daily sales up 5.1 per cent.
“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,” said chief executive Eric Born.
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