Grafton success continues with €102m profits

BUILDING materials group Grafton continued its impressive growth story yesterday when it announced pre-tax profits of €102 million last year, a 27% increase on 2002.

Sales went up 30% to €1.5 billion as the group added to its British operations and built on its success in Ireland with the Woodie's DIY and Chadwicks builders' merchants chains.

Executive chairman Michael Chadwick said Grafton's growth was accelerated during the year by a programme of 10 acquisitions. The group spent €135m on Jackson Building Centres, a leading merchant in Britain's east midlands. Mr Chadwick was upbeat about the Jackson deal and said it had turned out to be a stronger business than originally thought.