Grafton shareholders were told at the group's AGM in Dublin on Friday that the building materials group remains confident of further growth in profits and earnings per share this year.
Grafton said it had made a good start to the year in both Ireland and the UK.
It said its Irish merchanting business, Chadwicks, has shown improved sales and profitability helped by an increased level of new house building. The company said its Woodies DIY chain of stores continues to show like for like growth and said that five new stores will be added as part of its expansion programme.
In what Grafton called a 'favourable market' in the UK, it said its merchanting businesses have shown strong acquisition-led growth with increases in like for like sales.
Jackson Building Centres, which joined the group in March, is trading ahead of expectations and Grafton is now trading from 247 merchanting locations in the UK.
EuroMix, Grafton's silo mortar division, continues to grow sales and profitability. Its sixth plant, in Essex, is due to open later this month.
Grafton also announced that Norman Kilroy, the company's managing director, will retire in April 2004 at the age of 65. Mr Kilroy has delayed his retirement at the company's request.
Grafton shares closed 10 cent higher at €3.60 in Dublin on Friday evening.
