DIY and builders’ merchant Grafton said today profits advanced "strongly" in the second quarter relative to the first three months of the year.
In a trading statement for the six months to the end of June, the company, which owns the Woodies and Atlantic Homecare chains, said revenue for the first six months totaled €980 million, compared with €990 million in the year-earlier.
Grafton said sales were up 1 per cent in the second quarter, compared with a 7 per cent decline in the first quarter when the effects of currency movements were removed.
Sales in the UK rose 4 per cent in second quarter as the new housing market strengthened. But the company said Irish merchanting sales continue to decline with falls of 22 per cent in first quarter and 10 per cent in second quarter.
"The group’s financial position continues to be strong with good liquidity and substantial cash flow from operations," it said.
The company said the refinancing of its debt was going ahead "satisfactorily and on schedule", with new arrangements coming into effect in the next quarter.