- Grafton reported adjusted pre-tax profits of £157.2m for the year to the end of December, up 15% from 2016.

Revenues rose by 9% to £2.7bn and adjusted operating profits grew 15% to £163.7m from £142m.

On a statutory basis, pre-tax profits rose by 35% to £154.5m and basic earnings per share was up 36% to 54p from 39.6p.

The dividend of 15.5p per share was up 13% and in line with the group's progressive dividend policy.

The company said it expects the UK merchanting market will likely remain relatively flat and that further progress in 2018 will continue to be dependent on realising benefits from self-help and other opportunities.

Gavin Slark, Chief Executive Officer said: '2017 was a very good year for Grafton that saw all segments and geographies contribute to strong revenue growth and a 15% increase in adjusted profit before tax and earnings per share. Our expectations are positive for the current year and we remain confident about the potential to take advantage of opportunities that create value for shareholders.'

At 9:48am: [LON:GFTU] Grafton Group PLC share price was +16.75p at 781.75p

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