Building materials and DIY group, Grafton Group said today profits for 2002 remain in line with expectations.
The company, which has 43 outlets in the Republic, said it has continued to acquire businesses since its interim announcement on August 28th as part of its ongoing expansion programme.
To date it has made a further five acquisitions, adding 15 branches to its UK merchanting network, comprising nine plumbers merchanting and six builders merchanting branches.
Since the beginning of the year, the group, which owns Woodies DIY, said 14 acquisitions costing over €90 million, together with new greenfield locations, have added 50 locations to its UK merchanting network, bringing its total trading locations to 280, with 237 in the UK.
Grafton said new acquisitions and greenfield additions are expected to be earnings neutral in 2002 and to contribute to group profitability in 2003.
It said its consistent strategic focus on creating a strong merchanting network in the UK with emphasis on the RMI market provides continuing organic and acquisition growth opportunities going forward.
AFP