International building materials distributor and DIY retailer Grafton Group plc has posted a 25% increase in revenue and a 68% increase in operating profit for the year ended 31 December 2021.
Revenue across the group was £2.1bn, with operating profits at £288.0m Following the sale of the Group’s Traditional Merchanting business in Great Britain on 31 December 2021to Huws Gray, the results for 2020 have been restated.
The 2021 results were slightly ahead of expectations, and included record contributions from Woodie’s, the Irish DIY retailer, and Selco, as well as strong gains by the Chadwicks and Isero brands.
The sale of Traditional Merchanting Business in Great Britain for £520 million gives the group further investment capacity for growth and there was also a good contribution from the StairBox acquisition.
Chief Executive Officer Gavin Slark said: “2021 saw record profits, a step change to higher returning businesses following the divestment of our Traditional Merchanting business, exposure to a new growth platform in the Nordics and increased focus on digital and sustainability opportunities.
“Our people have been a key differentiator in delivering safe and superior customer outcomes throughout the pandemic and in mitigating supply chain challenges at a time of resilient demand in the broader repair, maintenance and improvement and DIY segments in our markets. Trading year to date has been encouraging and the outlook for 2022 is positive, supported by strong housing and RMI markets, the inherent strength of our businesses, our strong balance sheet and future investment opportunities.”