Grafton reports good first half
Grafton Group has reported a positive outcome for the first half of 2007 and the achievement of growth in sales, profits and earnings with a strong performance in the UK business and solid profit growth in Ireland.
The UK business delivered an increase in profit helped by good underlying demand in the residential repair, maintenance and improvement market and contributions from acquisitions. The Irish economy provided a positive trading background for the DIY business through the half year while Irish merchanting performed solidly.
Grafton increased turnover by 17% to €979.4m (2006: €836.5m) and operating profit increased by 28% to €63.8m (2006: €49.8m). The UK operating profit margin increased to 6.5% (2006: 6%). Irish turnover increased by 6% to €628.8m (2006: €590.7m) and operating profit increased by 6% to €60.6 m (2006: €57.1m). The Irish operating profit margin was unchanged at 9.7%.
