Grafton jumps as interim profit surges
Shares in Grafton jumped over 6% early on Thursday, after the builders’ merchant and DIY group reported a surge in interim pre-tax profit.
FTSE 250
19,824.16
16:59 26/04/24
FTSE 350
4,470.09
16:59 26/04/24
FTSE All-Share
4,423.59
17:14 26/04/24
Grafton Group Ut (CDI)
952.00p
16:40 26/04/24
Support Services
10,641.76
16:59 26/04/24
In the six months to 30 June, the FTSE 250-listed company posted a 26.1% year-on-year increase in pre-tax profit to £57.9m, while revenue grew 5.8% to £1.08bn on the back of a strong performance in the group’s UK merchanting division.
The business was boosted by improving economic conditions and an increased activity in the residential repair, new build and maintenance and improvement markets, the group said.
The selco division reported steady trading in the half, while Grafton’s Irish operations reported an increase in profit, boosted by the country’s economic recovery.
“The first half of 2015 has seen the group deliver a strong performance across key financial metrics as it continues to execute its strategic plans,” said group chief executive Gavin Slark.
“The overall outlook for Grafton is positive and despite current challenges the group is well placed to make further progress in the second half.”
Grafton shares were up 6.27% to 718.95p at 0928 BST on Thursday.