Grafton balance sheet strong

GRAFTON Group, owners of Woodies DIY stores, has emerged from the recessions in Ireland and Britain with its balance sheet well intact.

Prospects for the company are the most encouraging they have been for some time, according to a new analysis by Merrion Stockbrokers.

They have upgraded the company to a “buy” given the solid state of its finances. Also the recovery in prospect for the Irish operations suggests the shares are worth substantially more than their closing price of €3.63 yesterday. They reached a 2011 high of €3.73.