Woodie's DIY and Chadwicks owner Grafton Group has said it remains on track to deliver full year operating profit in line with expectations.
In a trading statement for the four months from July to the end of October, Grafton said it was seeing "resilient" trading despite more challenging markets.
Grafton said its group revenue in the ten months to the end of October was up by 1.7% to £1.96 billion from £1.93 billion the same time last year.
It noted that overall group demand was more subdued in the four months to the end of October, which lead to a marginal decline in year-on-year average daily like-for-like revenue with modest price deflation experienced in its Distribution businesses in Ireland and the UK.
Its Chadwicks business saw a resumption of growth in average daily like-for-like revenue in the four months to the end of October against the backdrop of firmer demand in the residential repair, maintenance and improvement and new build markets.
Meanwhile, revenue increased in its Woodie's DIY, Home and Garden business after weaker demand for seasonal products at the start of the second half with revenues up 0.8% in the four months to the end of October.
In its Manufacturing business, CPI Mortars experienced a decline in volumes as housebuilders reduced housing starts in response to lower reservation rates for new homes.
Grafton said that revenue was also lower in StairBox, the bespoke staircase manufacturing business that supplies the RMI market, afterfollowing a prolonged period of uninterrupted growth.
It also said the trading environment in the UK RMI market remained challenging for Selco as discretionary spending on the home continued to be under pressure from high inflation and higher interest rates.
In the Netherlands, revenue growth with key account customers engaged on large commercial construction projects more than offset lower sales to smaller customers and timber factories, while the slowdown in economic and construction activity reduced demand in IKH in Finland.
Eric Born, the chief executive of Grafton Group, said that despite more challenging markets in recent months, the company expects its group operating profit for the year to be in line with expectations.
"Our strong focus on cost management mitigated some of the impacts of weaker trading and we continue to support our customers with excellent value propositions across our portfolio of businesses," Mr Born said.
"Our strong balance sheet and cash generative operations provide us with the resources to develop our businesses organically and to take advantage of acquisition opportunities as they arise. We continue to be actively engaged with potential vendors to build a deeper pool of opportunities in our targeted European markets," he added.
