Builders' merchants Grafton said today that earnings for 2003 would be in line with expectations following a number of successful acquisitions.
Grafton released a trading statement today ahead of results for 2003 that saw the company complete ten acquisitions for a total consideration in excess of euro200 million.
Grafton said that the larger acquired businesses - Jacksons, Plumbline and Telfords - continue to trade in line with or ahead of initial expectations.
Grafton also continued to expand its network of DIY stores and merchanting outlets. Greenfield developments of 12 merchanting outlets, two Woodie's DIY stores and a Dry Mortar plant added a further 15 locations, bringing the group's network to a total of over 330 locations in Britain and Ireland. Six of these acquisitions were made in the second half of the year.
Grafton has completed the sale and leaseback of the Naas Road property acquired in 2002 on which a new flagship Woodie's DIY store is scheduled for completion during the third quarter of 2004. It is anticipated that a book profit in excess of €6 million will be realised and accounted for in 2004 on successful completion of the development.
Further growth is planned for 2004 with the development of greenfield merchanting locations, and new Woodie's store openings in Ireland.
The statement added that the company also expects to benefit from its healthy pipeline of potential acquisitions.