Grafton, the Woodies DIY group, has recorded increased profits in Ireland and Britain in the first quarter, the chairman Mr Michael Chadwick told the group annual general meeting yesterday.
Recent acquisitions are expected to be profit enhancing during 1997. In the absence of unforeseen circumstances it was expected that profitability for the first half should remain ahead of last year, he said.
Speaking after the meeting, Mr Chadwick said the company was "continually looking out for suitable acquisitions in the UK and Ireland".
Mr Norman Kilroy, managing director, said the group tended to grow organically in Ireland because it had such a strong base whereas, in England, the fastest way to grow was to buy.
The group now has outlets in 31 locations in Britain. Britain accounts for almost 33 per cent of turnover on an annualised basis. The bulk of the outlets are in the south east.
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