Irish builders merchanting group Grafton is to introduce a £100 million (€117m) share buyback programme.
The company, which owns Woodie’s DIY, said it has entered into non-discretionary arrangements with Goodbody Stockbrokers and Numis Securities to conduct the programme and to buy back ordinary shares on the company’s behalf.
The buyback will begin on Monday and end no later than December 31st subject to market conditions. Under the terms of the buyback the shares will be repurchased on the London Stock Exchange and cancelled.
Grafton’s shares are listed in London, although the company is based in Dublin.
The buyback programme will be conducted within the limits of the authority granted by shareholders at the company’s AGM on April 28th to repurchase up to 10 per cent of its ordinary shares. The maximum number of shares which can be repurchased is 23,970,000.
Grafton, which is led by Gavid Slark, recently said trading was positive in the early part of the year, with its income rising. Revenue was 15 per cent higher at £645.3 million in the period from January 1st to April 17th, up from £561.1 million in the same period in 2021. That excluded the traditional merchanting business in Britain that Grafton sold in December last year.
Revenue growth was driven by building materials price inflation.
