Building materials group Grafton says the stabilisation of its turnover has continued to the end of the year with sales in the last six months of 2009 similar to those of the first six months.
In a trading update, it says its group turnover to the end of December was down 26%, or €690m, to €1.98 billion and it remains cautious about the outlook for 2010.
Grafton said that in the second half of 2009, group merchanting turnover was down 14% compared to 24% in the first six months of the year.
Sales in its DIY division were down 18% in the second half of 2009, unchanged from the first half. Manufacturing sales fell by 36% in the last six months of 2009 compared to a 49% fall in the first six months.
Grafton said that like-for-like sales in the UK business - which account for over two thirds of total sales - continued to improve compared with earlier in the year. While trading conditions remain challenging, 'green shoots' of recovery are being reflected in improving sales.
Irish like-for-like sales are down 32% in the second half of the year compared with a fall of 37% in the first half.
'While the group is cautious about the outlook for 2010 it will benefit from the cost reduction and integration programme implemented over the last 18 months. The group is well placed to capitalise on any improvement in its markets,' the trading statement concludes.
Shares in Grafton closed up 1.9% at €3.20 in Dublin.
