The Grafton Group this morning announced record results for the year ending December 31 2007, with a 9% increase in both turnover and operating profit.
Operationally, a strong performance in the UK, a solid performance in a less buoyant Irish merchant market, and significant growth in the Irish DIY business defined the period.
Revenue in the period rose from €2.9bn in 2006 to €3.2bn while operating profit saw a corresponding 9% rise from €245m to €266m.
Commenting on the results Grafton chairman Michael Chadwick said, “In another record year, the ongoing development of our businesses in the UK and Ireland has proved its worth. Strong brands in both markets and a healthy balance sheet leave the Group well positioned to respond to more demanding market conditions.
“We will continue to pursue the consistent growth orientated strategy that has been successful for the past two decades. While maintaining a focus on closer integration, scale related benefits, lower cost base and product sourcing gains, Grafton will also take advantage of acquisition and development opportunities that continue to be available and that represent value and are a good strategic fit.”