- International builders merchanting and DIY group Grafton posts adjusted pre-tax profits of £136.2m for the year to the end of December - 14% up on last time.

Revenues rose by 13% to a record £2,507m and adjusted operating profits of £142.0m were up 12%.

On a statutory basis, pre-tax profits fell by 5% to £114.2m and basic earnings per share of 39.6p were down 5%.

The dividend of 13.75p oer share is up 10% and in line with the group's progressive dividend policy.

Chief executive Gavin Slark said: "2016 represented an overall strong financial performance despite challenging trading conditions in the traditional UK merchanting market.

"These results demonstrate the resilience of the Group's spread of businesses, with strong market positions and exposure to multiple geographies. While uncertainties remain about the UK economy, the recovery in the Irish and Netherlands markets is forecast to continue.

"The Group's very cash generative operations and strong balance sheet leave it well positioned to invest in areas where we see good opportunities for growth."

At 8:25am: [LON:GFTU] Grafton Group PLC share price was +46.75p at 653.75p

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