Interim div 10.5 pence, up 5.0% (Il Sole 24 Ore Radiocor) - London, 29 Aug - The UK building materials distributor and home improvement retailer Grafton Group said that in the first half adjusted earnings per share fell 12.4% to 33.4 pence as revenue fell 4.4% to 1.137 billion pounds.

Adjusted operating profit dropped 20.9% to 83.1 million pounds.

Net cash, before IFRS 16 leases, slipped to 361.1 million pounds from 438.4 million a year earlier.

The company declared an interim dividend of 10.5 pence per share, up 5.0% year on year.

"Whilst uncertainties remain in the short term, our medium-term outlook remains positive, supported by strong demand fundamentals, not least in the demand for new housing as markets normalise and consumer confidence improves. At this point in the year, with the important Autumn trading season yet to come, we continue to anticipate delivering adjusted operating profit for 2024 in line with analysts' expectations," said the CEO, Eric Born.

"The group has continued to be highly cash generative through a challenging period in the cycle, which has enabled us to return cash to shareholders whilst preserving a strong balance sheet to invest in organic and inorganic development opportunities. We continue to actively pursue opportunities to strengthen our existing market positions as well as platform acquisitions, and we remain optimistic that we can execute on some of these opportunities in the near term.".

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(RADIOCOR) 29-08-24 11:58:15 (0268) 5 NNNN