Grafton reports profits hike

Building company Grafton today announced a 10% hike in operating profits for the first six months of 2006 to €106.9m, up from €97.6m for the same period in 2005.

Profit before tax was up 35%, on revenues of €1.43bn.

Adjusted earnings per share increased by 9% to 33c, while basic earnings per share increased by 34% to 42.8c.

Commenting on the results today, Michael Chadwick, executive chairman said: “The Irish economy provided a very favourable trading environment for the Group’s Irish merchanting and DIY businesses in the half year and profitability increased strongly.

"In line with the trends experienced in the second half of 2005, demand in the UK merchanting market was generally softer in the half year compared with the strong trading levels reported in the first half of 2005."