Grafton Group has reported record results for the year ending December 2001 with pre-tax profits up by 27% to €67.2 million from €52.8 million.
Turnover increased by 19% to €988.8 million while earnings per share were up by 21% to 34.09 cent. Looking ahead, the company said it was confident of further profitable growth in 2002.
Grafton said its Irish operations performed well with improved results from all divisions, despite the slowdown in the economy - especially in the construction sector. Turnover grew by 7% to €333.6 million and operating profit was up 9% to €39.2 million.
The company said that strong double digit profit growth was experienced in the first half of the year with modest single digit growth in the second. These results were further improved by a profit of €2.3 million on the sale by Chadwicks of its Kilkenny branch property.
Turnover grew by 2.4% to €216.5 million at Chadwicks builders and plumbers merchants business. Towards the end of the year, Grafton purchased Pulsar Direct, a Cork-based business serving the plumbing trade.
DIY store Woodies achieved strong turnover growth of 19% to €85.2 million. The chain's development programme included the refurbishment of its Swords and Lucan stores in Dublin and increases in the size of its Waterford and Cork stores. Expansion plans for further stores in Newbridge and Tralee are well underway, the group added.
During the year, Grafton increased its stake in Heiton Group from 14.4% to 23.8% at a cost of €33.5 million.
The group said that Britain now accounts for 66% of group turnover and 50% of group operating profit. UK turnover grew by 26% to €657.2 million, while UK operating profit was up 37% to €40 million. It said it traded from over 185 locations in the UK by the end of last year. The total spend on UK acquisitions was €46 million during the year.
'Overall the group remains confident that its sound finances, strong market positions, and diversified earnings base provide opportunities for further profitable growth in the year ahead', the company said in its results statement.
Grafton shares closed unchanged at 3.90 in Dublin.
