Pre-tax profits at building materials and DIY group Grafton rose by 29% to €131.9m last year, on 25% higher turnover of €1.9 billion. Earnings per share grew by 23% to 55.6 cent.
Grafton said the performance was due to good market conditions in the UK and Ireland, and the benefits from acquisitions made in 2003. Chairman Michael Chadwick said the completion of the deal to acquire rival Heiton earlier this year made Grafton well placed to continue its strategy.
The UK now accounts for €1.4 billion of sales, up 28% on 2003, with profits up 38% to €108.4m. Grafton made 17 bolt-on acquisitions in the UK during 2004.
In Ireland, record levels of house building helped profits to rise by 10% to €49m, with sales up 17% to €451.7m. Turnover at DIY business Woodie's was up 18% to €129.8m, boosted by contributions from new stores.
Shares in the company closed 20 cent lower at €9.70 in Dublin this evening.
