RNS Number:9048K
Grafton Group PLC
09 May 2003
Grafton Group plc
AGM Statement
The following statement on trading was made at the Grafton Group plc Annual
General Meeting today:
Grafton's strategy is focused on building strong market positions and brands in
the U.K. and Ireland to create a diversified earnings base. This strategy has
led to continued success with a good start to the current year in both the U.K.
and Ireland.
The U.K. merchanting businesses have shown strong acquisition led growth
together with increases in like for like sales in a favourable trading
environment. Jackson Building Centres, which joined the Group in March this
year, is trading ahead of expectations and acquisitions made last year are
contributing to increased profitability. The Group now trades from 247
merchanting locations in the U.K. EuroMix, the Group's silo mortar division,
continues to grow sales and profitability. Its sixth plant, in Harlow, Essex, is
due to open later this month.
The Group's Irish businesses have also shown good growth in the period.
Chadwicks, the Irish merchanting business, has improved sales and profitability
helped by an increased level of new housebuilding. Woodie's DIY continues to
show like for like sales growth and has announced a further 5 new stores as part
of its expansion program which will bring to 19 the number of Woodie's DIY
stores in Ireland.
Overall the Group remains confident of further growth in profits and earnings
per share in 2003.
The Group also announced that Mr. Norman Kilroy, Managing Director, will be
retiring in April 2004 at age 65. Mr. Kilroy has already delayed his retirement
at the company's request and will progressively relinquish his responsibilities
during the coming year. The Chairman paid tribute to his outstanding
contribution as Managing Director to the success of the Group over the last 13
years.
Ends 9th May 2003
For reference:
Michael Chadwick Joe Murray / Grainne O'Brien
Executive Chairman Murray Consultants
Grafton Group plc Telephone: (++353) (01) 498 0300
Telephone: (++353) (01) 216 0600
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 Exchange
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