Profits at Grafton Group recovered strongly in the second quarter of 2010, the company said in a trading update.
Group operating profits for the six months ended June 30 were ahead of last year, while turnover was €980m (2009: €990m).
Like-for-like UK merchanting sales, including at the Buildbase chain, were down 2% in the first quarter and rose 4% in the second quarter as the new housing market strengthened. Irish merchanting sales continued to decline, with falls of 22% in the first quarter and 10% in the second quarter.
“The group’s financial position continues to be strong, with good liquidity and substantial cash flow from operations,” it said.
“The group expects to build on the progress made in the first half in the months ahead.”
