Grafton's sales reach €2bn

7th Jan 2011 13:39

UK and Ireland-focused builders merchant group Grafton Group said that revenue grew 1% in 2010, with a strong increase in UK merchanting sales.Grafton, which is the largest home improvement retailer in Ireland, said that turnover for the year ended December reached €2bn, compared with €1.98bn previously. However, this figure is still under the €2.67bn achieved in 2008.The UK division, which accounts for around two-thirds of group revenue, saw merchanting sales grow 7% over the year, while Irish merchanting in the second half fell by 7%, relative a 16% decline in the first half.After a reduction in sales in the first quarter of 2010, a modest growth was seen in the following 9 months, however, "extreme weather in late November and December impacted negatively on sales," the group said."The improvement in operating profitability evident in the first half has progressed strongly into the second half. The Group is well positioned for continuing growth in earnings as its markets recover," the statement said.Grafton also announced that it has reached an agreement with builders merchant Travis Perkins, to acquire 10 of its plumbing and heating branches in England and Wales.