Woodie’s owner Grafton reinstates dividend
GRAFTON Group has reinstated its second interim dividend for 2019, which it will now pay on February 19.
Grafton had suspended the dividend as a precautionary measure to preserve liquidity in response to the Covid-19 pandemic.
The total second interim dividend amounts to £30m (€33.7m).
Earlier this month Grafton said its revenues fell by more than 6pc last year due to the Spring Covid lockdown, despite a strong performance from its Woodie’s and Chadwicks stores.
Revenue at the Woodie’s DIY business in Ireland rose 17pc, thanks to increased sales as people worked from home.
At the other end of the scale Grafton reported a 25pc decline in sales in its manufacturing division.
Grafton finished the year strongly with trading in the two months to December 31
The second dividend payout, which had been suspended, amounts to £30m
“ahead of expectations” as the group saw its average daily like-for-like revenue up by 7.2pc year-on-year and total revenue ahead by 10.8pc to £439.4m (€487.5m).
Demand was strongest in the Woodie’s and Chadwicks businesses in Ireland and in Selco in the UK, according to a trading update from the company in early January.
Last month the company bought Proline Architectural Hardware, a Dublin-based distributor of iron products for doors. Proline reported revenue of €10.8m last year.
Also in December Grafton bought AVC – which trades as StairBox – for £44m. StairBox is a UK manufacturer and distributor of wooden staircases.
Grafton will announce its final results for the year on February 25.