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(Alliance News) - Grafton Group PLC on Thursday raised its earnings expectations for 2021 after strong trading in the first half.
Grafton upgraded its adjusted operating profit guidance to around GBP240 million, significantly higher than the analyst consensus forecast of GBP206 million cited by Grafton back in April and up 24% from the prior-year figure of GBP193.3 million.
The Dublin-based building materials distributor and DIY retailer posted revenue for the six month period ended June 30 of GBP1.55 billion, 46% higher than GBP1.06 billion a year before.
"Grafton traded ahead of expectations in the first half and, despite some ongoing uncertainty caused by the pandemic and sector-wide supply chain pressures, the group has increased current year profit guidance for continuing operations supported by its market leading businesses and strong financial position," commented Chief Executive Gavin Slark.
Growth was attributed by Grafton to Woodie's in Ireland and Selco in the UK, along with high underlying demand in a buoyant new housing market.
All branches, stores and manufacturing plants are now fully operational, following the virus pandemic, Grafton said.
Shares in Grafton were trading down 1.6% at 1,243.00 pence each in London on Thursday morning.
By Will Paige; willpaige@alliancenews.com
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