Grafton Group maintained its full-year adjusted operating profit guidance of £190m-£200m after delivering resilient first-half trading, with strong performances in Iberia, Ireland and Northern Europe offsetting continued weakness in Great Britain.

Group revenue rose 6.7% to £1.34bn in the six months to 30 June, while like-for-like revenue increased 0.6%. Shares were broadly unchanged as investors welcomed the reaffirmed outlook and steady trading.

The building materials distributor said recently acquired businesses Mercaluz in Spain and Cygnum in Ireland were performing in line with expectations, while supply chain disruption from geopolitical tensions had remained limited.

The company also pointed to its ongoing focus on cost control, margin management and capital returns, having launched a new share buyback programme worth up to £25m at the end of June.

Looking ahead, Grafton said trading conditions in the second half were expected to remain similar to those seen in the first half, with strong growth continuing in Iberia and favourable conditions in Ireland offset by subdued markets in Northern Europe and persistent weakness in Great Britain.

Eric Born, CEO of Grafton, said: "Today's trading update demonstrates the quality of our businesses combined with the resilience and opportunity created by our exposure to multiple geographies. We are confident of meeting our adjusted operating profit expectations for 2026 of £190m - £200m and delivering on our target of compound annual adjusted EPS growth of more than 10% out to 2030."

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