Grafton Group, Ireland's largest supplier of building materials, said sales in the 10 months through October fell 15 per cent on slumping housing markets and weaker sterling.
Sales, which totalled €2.35 billion ($3 billion) in the period, fell 6 per cent excluding currency movements, the Dublin-based company said today in a statement.
Like-for-like sales in Ireland fell 19 per cent, while UK sales by that measure slipped 6 per cent.
The UK, which accounts for around 60 per cent of Grafton's sales, is mired in its worst housing slump since the early 1990s and demand for Grafton's bricks, tiles and plumbing products has plunged. In its domestic market, residential building is contracting at a record pace and consumer confidence has slumped.
In Ireland, "the scale of the downturn in the housing market which is now under way for almost two years, has been made worse due to the significantly increased cost of borrowing and a severe tightening of credit," Grafton said.
"The company continues to be profitable and cash generative and is dealing with the challenges."
Bloomberg