Builders' merchant takes big hit in Ireland but says trading has stabilised
The Grafton Group鈥檚 turnover has fallen 31% to 鈧�1.4bn in the six months to 30 June.
Manufacturing activities fell 49% at the builders鈥� merchant, which operates in the UK and Ireland.
The group blamed lack of available credit and depressed markets for the fall.
It said trading had stabilised since April and that it had traded at a profit in the UK.
Grafton is hopeful that the rise in mortgage applications and loan approvals will lead to an improvement in UK markets. It expected modest profits across the group for the rest of the year.
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