Grafton trading meets expectations

Building group Grafton has confirmed trading in the first four months of the year has been in line with expectations.

The acquisition of Heiton was successfully completed in January 2005 and it has since traded ahead of last year’s levels, according to the group.

The Group’s Irish merchanting businesses continue to see high single digit like for like growth. In an increasingly competitive Irish DIY market, the Group’s stores recorded sales in line with the same period last year.

But the Group’s UK merchanting operations have experienced only modest single digit like-for-like sales growth in the first four months of the year.

"Our UK Mortar business recorded single digit sales growth in a maturing and more competitive market," said chairman Michael Chadwick.

Developments since the start of the year involved completion of five bolt on acquisitions trading from five locations and the opening of six greenfield branches, comprising five UK Plumbers Merchanting branches and a new DIY store in Limerick.

"The Group remains confident of continued growth in profits and earnings per share in 2005 and is well placed to participate in further consolidation of the Irish and UK merchanting markets," Mr Chadwick concluded.