Woodie’s and Chadwicks owner Grafton Group has begun a £100m share buyback programme, following shareholder approval last month.
The London-listed building materials distributor said on Monday that it has entered into arrangements with Goodbody Stockbrokers and Numis Securities to buy back up to up to 10pc - or 23,970,000 - of the company’s ordinary shares.
The buyback started Monday and will end no later than December 31, subject to market conditions.
Shares will be repurchased on the London Stock Exchange and then cancelled.
Grafton shareholders approved the move at an annual general meeting on April 28, after the firm reported a 7.2pc rise in revenues this year, buoyed by an Irish building boom.
Chadwicks saw revenues rise 37.5pc on an average daily like-for-like basis as Irish homeowners spent more on repairs, maintenance and home improvements and as private and public sector housing construction continued.
There was also “further normalisation of revenue” in its Woodie’s DIY, home and garden business in Ireland, following exceptional growth in 2020, the firm said last month.
Woodie’s remained open throughout the pandemic as it was considered an essential retailer.
Total revenues for the group were up 15pc to £645.3m in the period to April 17, compared to the same period in 2021 (£561.1m).
Grafton trades from around 350 branches and employs around 8,700 people.