Irish merchanting group Grafton posted pre-tax profits up 13% on revenue that was 3% ahead for the six months to June 30 2011.
The UK merchanting business – which includes Grafton Merchanting GB and Selco – increased turnover by 5% to euro712.7m, with like-for-like turnover up 4.7% and operating profits at euro13.9m, up 14.1%.
Turnover was primarily driven by the recovery of “energy and commodity-related price increases” the company stated. RMI sales were reduced marginally.
Buildbase increased sales through its civils business as well as a “healthy advance in turnover in its general merchanting branches”.
Plumbase benefitted from its exposure to the RMI market as well as from the addition of 16 branches, while Jacksons benefitted from a “continuing focus on cost reduction”.
Selco, the builders trade warehouse, opened its 29th branch, and reported strong growth in both turnover and operating profit.
Chief executive officer Gavin Slark said: “A number of initiatives have been identified which will enable us to improve our performance in margins, cost control and cash generation. This leaves us in a strong position to take advantage of any economic upturn or expansion opportunity.”