Against an uncertain UK macroeconomic backdrop, keeping a watch on margins has become even more important for Grafton (GFTU). In short, the building materials supplier expects volume and pricing pressure in its home merchanting market to continue. However, maintaining a tight rein on operating costs meant the adjusted operating margin – excluding property profits – rose to 6.9 per cent during the first half of 2019, up from 6.3 per cent the prior year, and closing in on a 7 per cent target.
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