Builders merchant reports double-digit profit growth in first six months

Builders merchant Grafton Group today said that profit and turnover were both up in the first half of the year.

In a trading update the company said that it had achieved double-digit profit growth in the six months to 30 June 2007.

Grafton reports a 12.5% rise in turnover to £1bn

Turnover rose 12.5% to $1.6bn (£1bn).

A statement from the company said the growth was driven by improving returns in the UK and by an ongoing good performance in the context of slower growth in the Irish merchanting market.

In the first half Grafton completed six acquisitions for a total of $42m (£28m).

Looking to the future, the company said: “Grafton Group has entered the second half of the year in a strong position to deal with a future trading environment that is expected to be more challenging.”