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Builder's merchant and DIY firm Grafton Group has reported a one-third fall in quarterly turnover amid the most 鈥渃hallenging trading conditions in decades鈥�.

Its interim management statement reported group turnover for the three months to 31 March of 鈧�470m (拢421m) - a fall of 鈧�220m (拢197m) or 32% on the same period a year earlier.

The firm blamed the fall on reduced availability of credit leading to lower spending on residential repair, maintenance and improvement, as well as a fall in housing starts and completions.

Group manufacturing activities suffered most because of exposure to the housebuilding industry, with turnover in this sector down by 50% during the period.

However, the group said it remained optimistic for the remainder of the year and expected to 鈥渂enefit from the seasonally stronger trading period鈥�.

The company also announced the appointment of Charlie Fisher, who has a background in property investment and building materials, as a new non-executive director, with effect from 1 May.

Peter Wood has stepped down as a director and member of the board for personal reasons.