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Shares in FTSE 250 builders’ merchant Grafton (LON:GFTU) jumped 5.83% to 908p (as of 12:30 GMT) after it said that trading in November and December had been better than expected. This led the company’s management to increase guidance for the year ended 31st December.
CEO Gavin Slark commented: “2019 was a year of significant strategic progress with the acquisition of Polvo in July which increased our scale and consolidated our market leading position in the Netherlands. We also reshaped our portfolio of businesses with the successful disposal of Plumbase and the Belgian Merchanting business in October.
While we remain cautious about the timing of any recovery in the UK merchanting market at this very early stage in the New Year, our expectations for 2020 are positive for the overall Group and we are optimistic about growth opportunities. We are well placed to continue to successfully implement our development strategy supported by very cash generative businesses and a strong balance sheet“.