Builders merchant is down £19m on first four months of the year

Builders merchant Grafton has announced trading was down by £19m for the first four months of the year due to the bad weather in January.

The Irish merchant and DIY group, which does 70% of its trading in the UK, issued a trading update this morning in advance of its AGM in Dublin today. It said that trading in January dropped by £21m from the previous January.

However, work then picked up, with the group recording a turnover of £524m for the four months up to the end of April, down by £19m on the same period in 2009. The statement said the upturn that followed a dismal January was due to a “strong resurgence” in new housebuilding in the UK.

The firm is currently refinancing its debt and new arrangements are expected this autumn.