Grafton announces record sales, profits

Builders Grafton Group plc have announced record levels of sales, profits and earnings for the half year to June 30, 2004.

Before-tax profits were up 30% across the Group to €69.9m. The figure was €53.4m in 2003.

Earnings per share before goodwill and property profit increased by 25% to 24.63 cent (2003: 19.63 cent).

Strong sales fuelled the profits hike. Sales were up 29% to €911.4m, compared to €706.5m in 2003.

The UK now represents 76% of group sales and 72% of group operating profit, Grafton said today. UK operating profit increased by 41% (€14.6m) to €50.2m. Irish operating profit increased by 10.7% (€1.9m) to €19.7m.

Chairman Michael Chadwick said: "Our UK operations have generated high levels of growth. The Irish operations have also shown good growth in an increasingly competitive market environment. We have a healthy pipeline of bolt-on acquisitions and are confident about the group’s prospects for the remainder of the current financial year."