Grafton Group announces £50m share buyback despite ongoing inflation

Grafton Group, the owner of Woodie’s and Chadwicks, has announced a share buyback worth £50m, its third in a row. Despite inflation concerns, the company expressed confidence in its prospects. The group reported a 2.8% rise in total revenue to £704.3m in the first four months of the year, in line with expectations. Building activity in Ireland helped to buoy the group’s performance, and timber and steel price drops offset rising building materials prices. Grafton Group’s UK Selco business saw a fall in revenue as people cut back on discretionary spending.