HomeBussinessWoodie’s owner Grafton Group reports revenue of €1.35bn for first half of...

Woodie’s owner Grafton Group reports revenue of €1.35bn for first half of 2024

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The company, which owns the Chadwicks and Woodie’s brands in Ireland, recorded revenue of £1.14bn (€1.35bn) in the first half of 2024, down from 4.4pc from 2023 levels.

Daily like-for-like revenue was down 4.5pc in the period.

In a trading update published today, the company highlighted a strong performance in Ireland.

However, it noted that repair, maintenance and improvement markets, as well as new build markets remain more challenging in other locations.

Chadwicks, the group’s distribution business in the Irish market, recorded growth in daily like-for-like revenue in the second quarter of the year, while volume growth of 5.4pc was ahead of the corresponding period in 2023.

This was attributed to the Irish Government’s focus on the development of new homes, with outlook for construction growth here remaining positive.

Steel and timber prices have also moderated, with overall price deflation of 4.9pc recorded in the first half.

Grafton Group pointed to caution among UK consumers which has resulted in lower spending on home improvements in the market, while revenue fell 7.7pc in Finland due to weakness in the domestic economy.

Revenue growth in the Netherlands was attributed to large construction projects, which partially offset a fall in its sales to timber factories and small customers in the period.

The company’s retail, home and garden business in Ireland recorded a dip in sales. However, Woodie’s recorded an improvement in profitability as a result of margin management and cost control in the first six months of 2024.

“Medium-term structural industry dynamics remain positive, and as flagged at the time of our AGM update in May, we expect profitability to be slightly more weighted to the second half of the year,” chief executive Eric Born said.

“Given our strong financial position we are actively progressing inorganic development opportunities in existing and new European geographies. Our objective is to continue to strengthen our market and sector positions and add to our portfolio of high-quality cash generative businesses within a disciplined financial framework.,” he added.

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