Woodie's and Chadwicks owner Grafton Group today said it was making no change to its full year operating profit expectations, adding that the group is in a very strong financial position.
In a trading update covering the months from July 1 to October 31, Grafton said it remains on track to deliver full year adjusted operating profit of about £266m.
It noted that the favourable first half revenue trends in the Distribution businesses in Ireland and the Netherlands continued against the backdrop of solid underlying demand and building materials price inflation.
But trading conditions continued to be softer in the UK distribution business as households reduced discretionary spending on home improvements.
It also noted that trading normalised in line with the prior year in the DIY, Home and Garden business in Ireland and the UK Manufacturing business continued to perform strongly.
The company also announced a further share buyback programme today for a maximum consideration of up to £100m.
Last month the company named Eric Born as its next chief executive officer, replacing long-serving boss Gavin Slark. He will take up the position on November 28.
