Tills are ringing.

UK sales lift Grafton's turnover

Published:  05 May, 2011

DUBLIN: Group turnover for builders' merchants and DIY group Grafton was up 4% to 642m euros, the company said in an interim management statement.

Average daily like-for-like turnover for its UK business increased by 5.8% according to the statement issued in advance of the company's annual general meeting in Dublin.

Grafton said recovery in the residential repair, maintenance and improvement sector in the UK boosted sales. UK sales accounts for over 70% of group turnover, continued.

The rate of decline in turnover in Ireland moderated to 2.6% that included growth of 4.6% n the Irish retailing business. Trading conditions in Ireland remained challenging because of weak demand and a lack of building activity, Grafton said.

A Belgian builders' merchanting business, in which the group has a 49% stake, traded well and increased its annualised turnover to about 40m euros.

In March reported pre-tax profits of 25m euros for 2010, up almost 90% on the preceding year. Operating profits almost doubled to 50.6m euros in 2010 from 26.2m euros in 2009.

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