20th Dec 2006 07:01
Grafton Group PLC20 December 2006 Grafton Group plc Trading update for the 11 months to 30 November 2006 The trading environment continued to be favourable in Ireland during the periodand like for like sales continued to grow in high single digits. In the UK, asexpected, the Group experienced an improving trend in like for like salesgrowth, which overall was in low single digits, and resulted in an improved UKoperating margin during the period. Group earnings for 2006 are expected to be in line with market expectations. To date this year 16 acquisitions have been completed in the UK (nine since theend of June 2006) for a total consideration of circa €80 million. Theseacquisitions have added 27 branches to the Group's network in the UK and had anannualised turnover in excess of €120 million. The organic expansion of the Group continued with the successful opening of sixnew builders merchants, six new plumbers merchants and a ninth dry mortar plantin the UK. In Ireland, the Group opened three new Woodie's DIY superstores, onebuilders merchant and a new In-House at the Panelling Centre location. Theacquired and organically opened branches bring the number of Group tradinglocations to over 520. The Group continued its property disposal programme during the second half ofthe year and now expects to report profits on disposals, including thepreviously reported Atlantic Stillorgan property, in excess of €33 million forthe year. Further organic growth is planned for 2007 with the development of brownfieldlocations in the UK and new DIY store openings in Ireland. In addition, theGroup continues to evaluate a healthy pipeline of potential acquisitions. Ends 20th December 2006 For further information please contact: Grafton Group plc + 353 1 216 0600 Murray Consultants + 353 1 498 0300 Michael Chadwick, Executive Chairman Joe Murray Colm o Nuallain, Finance Director Citigate Dewe Rogerson + 44 207 282 2945 Ginny Pulbrook A copy of this statement is also available on our website www.graftonplc.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Grafton Group