Grafton Group shares rise by 15% despite 79% fall in pre-tax profits

SHARES in building material group Grafton were up by 15% in late trading yesterday, despite a sharp reversal in its profit performance in 2009.

The market was impressed by the group’s optimism on the future outlook for the sector, whose main markets are Ireland and Britain.

Pre-tax profits for the year to December 31, 2009, fell 79% to €13.6m down from €64m.