StockMarketWire.com - Building materials supplier Grafton Group reported an 18% rise in first-half profit, supported by revenue growth in the UK, Ireland and the Netherlands.

For the six months to 30 June, statutory pre-tax profit increased to £57.6m, as revenue rose 9% to £1.45bn.

Adjusted operating profit rose 17% to £92.5m.

The company said overall conditions in the UK merchanting market were expected to remain relatively flat over the remainder of the year amid ongoing competitive pressure, but added that the group was well placed to meet its expectations for the full year.

It declared an interim dividend of 6p per share, up 14.3% on-year.

'We are pleased to report a strong first half performance across the group with all segments reporting double digit growth in profitability,' chief executive Gavin Slark sadi.

'Excellent organic growth in key markets has been complemented by the positive impact of self-help measures and development activity.' Story provided by StockMarketWire.com