The company that owns DIY and building chains including Woodie's and Chadwicks has reported a 7% rise in revenues in the first four months of 2018.
Grafton Group, which reports in sterling, saw revenues rise to £907m between January and April, despite Storm Emma impacting trade.
Ahead of its AGM today, Grafton said a rise in new builds and home improvements in Ireland boosted like-for-like sales here by 8% for the period – though its UK business was flat.
The group said the Woodie’s business in Ireland saw a strong start to the year despite a "sharp fall" in demand for outdoor seasonal products in March.
Grafton Chief Executive Gavin Slark said the company should "continue to benefit from exposure to strong growth markets in Ireland and the Netherlands" but warned that underlying demand in the UK market is expected to "remain subdued".
In its assessment of Grafton's performance, Davy said: "We understand that there has been no discernible change in underlying end markets in recent months.
"Grafton therefore continues to offer superior top-line prospects compared to its peers.
"While earnings momentum will be impacted by a slower start to the year (as is the case with all stocks in the sector), we believe current levels represent an attractive entry point on a longer-term view.
"We reiterate our ‘Outperform’ recommendation."
