Grafton Group post double-digit growth
Building materials provider Grafton Group has announced revenues of £2.5bn(€2.8bn) for 2016, a rise of 13.4pc on the previous year.
The company’s Selco chain in the UK outperformed the rest of the merchanting market with revenues boosted by the opening of seven new branches in December.
In Ireland, the group saw an uptick in revenue due to an improvement in the construction sector. The Irish arm of the firm posted double-digit growth for the third straight year.
In Holland, Grafton confirmed it is set to benefit from greater market access following the purchase of Gunters en Meuser, a tools distributor.
Grafton said that its business operations in Belgium were continuing to pose a challenge due to soft market demand.
“The Group finished the year on a more positive note and saw the benefit during 2016 of its exposure to multiple markets. We had an active year on the development front with the opening of seven new Selco branches, the completion of two bolt-on acquisitions in the UK and we agreed to acquire Gunters en Meuser in the Netherlands. A strong balance sheet and excellent cash generation from operations support these developments and our ongoing strategic initiatives," said ceo Gavin Slark.