DIY boost and acquisitions increase Grafton turnover
Builders merchants and DIY group Grafton has announced that turnover for 2007 exceeded €3.2bn, an increase of 10% on 2006.
The group expects to report growth in adjusted earnings per share in line with or a little below the consensus market forecast of 86c (2006: 78 cent).
Final results will be announced on March 10.
Grafton said that, In Ireland, the economy performed well "supported by sound demographic, job creation and income growth fundamentals although the pace of expansion softened in the second half as growth returned to more sustainable long-term levels".
The group's DIY business continued to grow as people spent more on home improvements, thanks to maturing SSIA funds.
Regarding the UK, the company said: "The generally positive economic background and strong market position enabled the first half improvement in like-for-like sales and operating margin in the UK business to continue."
Grafton completed 14 acquisitions in the year, with total annual sales of more than €100m and trade from 32 branches in the UK and one in Ireland. These acquisitions were completed at a total cost of €74m.
