Building materials group Grafton has reported a 73% drop in pre-tax profits to €64m for last year. Adjusted earnings per share are down 62% at 32.2 cent.
Overall the group's revenues dropped by more than 16.5% to €2.67 billion. Turnover in Ireland fell by 20% to €986m last year, with DIY store sales down 11% as consumer spending slumped. But UK sales fell by just 1% to €1.34 billion.
UK profits more than halved to €68m, while Irish profits dropped by 73% to €33.5m.
The company was affected by weak economies in both the UK and Ireland, and by sterling's weakness against the euro. Executive chairman Michael Chadwick said trading in the first two months of this year continued to decline, made worse by the heavy snowfall.
But the company reduced its net debt by more than €100m to €436m, helped by sterling's weakness.
Shares in Grafton closed up eight cent at €1.42 in Dublin this afternoon.
