Grafton down as COVID-19 restrictions bite deeply

FTSE 250 builders’ merchant Grafton Group (LON:GFTU) saw its share price drop by 5.61% to 639.50p (as of 13:40 BST) after it said that UK distribution levels were at around 10% of normal levels. Trading has been less disrupted in the Netherlands where the company had successfully implemented physical distancing measures. Management said that they were undertaking cost control measures to ensure that the business was prepared for a phased return in the UK and Ireland as restrictions are relaxed.

CEO Gavin Slark commented: “Grafton has a strong and geographically diverse portfolio of brands and very experienced management teams who are focused on protecting the Group’s businesses and the interests of all stakeholders. The actions that we are taking are to ensure that we emerge from the crisis as a strong and vibrant business“.