Grafton tips Irish growth to continue as revenue soars 13.3pc
Published 12/07/2016 | 07:14
Grafton Group has tipped continued growth in the Irish and Dutch merchanting markets despite the results of the Brexit referendum.
In a trading update released to shareholders, chief executive Gavin Slark said he expects the uncertainty cause by the vote to weigh on the UK market.
"Growth in the Irish and the Netherlands merchanting markets is expected to continue broadly in line with recent trends. The group’s financial strength and geographic diversity leave it well positioned to take advantage of any opportunities that may emerge across the markets in which it operates," he said.
Revenue at the company increased by 13.3pc in the first half of the year to £1.23bn, up from the £1.08bn the company made during the same period last year.
Grafton's revenue from its Irish merchanting business increased by 12.6pc in the first six month of the year while its Irish retailing and manufacturing arm increased by 6.4pc and 14.9pc respectively.
The company said it benefited from a positive trading environment in Ireland thanks to a recovering housing market.