Annual turnover at building group Grafton rose to over €1 billion for the first time in 2002 - up 16.5% from €988.8m the previous year.
Grafton said this morning that its pre-tax profits for 2002 were up 19% to €80.2m, while the group's earnings per share grew by 15% to 39.26 cent. Operating profit was up 16.6% to €92.3m.
In the UK market, which accounts for 70% of Grafton's operations, strong profitable growth continued. Grafton's UK turnover was up 23% to €808.5m while operating profit increased by 34.4% to €53.7m.
15 acquisitions in 2002, together with greenfield start-ups added 50 trading locations in the UK and increased the group's UK merchanting network to 227 by the end of the year.
Against the background of a slowdown in the economy and the construction sector, turnover in the group's Irish merchanting and manufacturing businesses improved in the second half of 2002, enabling the Irish turnover to exceed 2001 levels for the full year.
Woodie's DIY turnover grew as a result of the opening of two new stores in Tralee and Newbridge and strong like-for-like growth from existing stores. Woodies has also acquired a new site on the Naas Road in Dublin as part of its expansion plans.
Grafton said that while global economic uncertainties remain, the underlying growth potential for the group is positive.
'In Ireland, the construction sector is unlikely to return to growth overall, but the group will benefit from its exposure to the Repair, Maintenance and Improvements and DIY markets, and the full year turnover from its two new Woodies stores opened in mid 2002,' the results statement said.
'Group results to date this year have been good and the board looks forward to a year of further development and growth in earnings per share for the enlarged group,' it added.
Grafton shares closed up 13 cent at €2.83 in Dublin this afternoon.
