Sales up but profits fall for Selco owner
Grafton Group, the building materials distributor and DIY retailer, saw pre-tax profits fall despite a rise in sales in the first six months of 2022.
Revenue was up by 12.2 per cent at £1.15 billion with the profit figure down 7.3 per cent at £132.4m.
Volumes and profitability were lower in Selco, which has branches in Dudley and Wolverhampton, compared to last year's exceptional performance.
Chief executive Gavin Slark, said: "Our first half performance saw a significant normalisation of activity levels following exceptional pandemic related spikes in trading in the first half of 2021.
"While inflation remains a continuing feature in our markets, we saw improved supply chain consistency as trading patterns normalised and building materials shortages eased.
"Though potential macro-economic headwinds remain, Grafton is uniquely placed to outperform given its leading market positions, geographic diversity and the relative resilience of its core repair, maintenance and improvement market.
"Given the strength of our brands and their market positions together with an exceptionally strong financial position, our focus remains on delivering a strong financial outcome for the year despite the uncertainties in our markets."
