Builders merchanting and DIY group Grafton Group has today started a share buyback programme worth up to £100m.
Grafton said the buyback will start today and end no later than 31 December 2022 - subject to market conditions.
Under the terms of the buyback, the shares will be repurchased on the London Stock Exchange and cancelled.
Grafton's portfolio of brands includes Chadwicks and Woodie's in Ireland, Selco, Leyland SDM, MacBlair, CPI EuroMix and StairBox in the UK, Isero and Polvo in the Netherlands and IKH in Finland.
Last month, the company said it had made a positive start to the year with total revenue up by 17.5% on a constant currency basis and average daily like-for-like revenue growth of 7.2%.
Grafton said revenue in the retailing business in Ireland normalised as expected, relative to the comparative period that saw "exceptional gains" while trading as an essential retailer during the Covid lockdown.
