GRAFTON Group delivered strong results in line with market expectations last year. It was a two-sided story, however, with the Irish division delivering exceptional results while performance in the British market was flat.

Builders merchants and DIY group Grafton has bought Dublin-based plumbing, heating and drainage business Davies and builders merchants Garvey's in Roscommon.

SHARES in Grafton Group slid 4% yesterday after the building materials specialist reported strong first-half results but warned it would let 150 staff go in Britain to cope with a slowdown there.

A NEW service to help companies become better corporate citizens was launched in Dublin yesterday.

SHARES in Grafton surged 8% yesterday after the building materials and DIY group finally got the go-ahead for its takeover of smaller rival Heiton.

THE long-awaited deal to match up Ireland’s leading builders merchants and DIY chains was finally hammered out last night, when Heiton’s board recommended the terms of a takeover offer from Grafton to its shareholders.

Heiton chief executive Leo Martin and fellow directors Peter Byers, Paul Lynch and Eddie Kelly have exercised options over shares in the builders merchants and DIY group.

BUILDERS merchants Heiton Group has accepted a 660 cent a share takeover bid from its larger rival Grafton.

BUILDERS merchants and DIY group Heiton yesterday reiterated to shareholders that the company had a bright future as an independent entity, a day after the stock exchange turned up the heat on rival Grafton’s takeover plans.

THE proposed takeover of builders’ merchant and DIY group Heiton by larger rival Grafton has taken a fresh twist with news that British builders’ products group Wolseley is set to beef up its presence in Ireland.

HEITON remains open to talks with rival builders’ merchants and DIY group Grafton in spite of Grafton’s “low-ball” approach that was rejected last week, chief executive Leo Martin said yesterday.

TAKEOVER target Heiton was bullish about its future as an independent entity yesterday as the builders’ providers and DIY group reported full-year profits of €28.8 million, an increase of 30%.

Buiding company Heiton, familiar to consumers through its ownership of the Atlantic Homecare chain, has announced pre-tax profits for the year ending April 30, 2004, of €28.8m, up 29.7% on the previous year.

SHARES in Heiton surged 26% yesterday as the builders merchants and DIY group came out fighting in response to Grafton's takeover approach.

The ISEQ finished the week on a high today, climbing more than 21 points to end the day on 5341.51.

BUILDERS merchants Heiton Group plc have paid close to €4 million for the Waterford-based specialist plumbing and heating products supplier Paddy Power and Company.

HEITON Group has posted a 29% rise in first-half profits, driven by the strength of the housing market and its DIY arm Atlantic Homecare.

HEITON boss Leo Martin hinted strongly yesterday the group may delist if its stock market rating fails to improve.