StockMarketWire.com - Building materials distributor Grafton reported a jump in first-half profit amid a recovery in the housebuilding sector.

For the six months ended 30 June 2021, pre-tax profit rose 384.8% to £29.5 million as revenue increased 46.1% to £1.03 billion.

The company also attributed the jump in profit to a contribution from Woodie's DIY, home and garden business in Ireland.

'Woodie's outstanding performance in the second half of 2020 continued through the first half 2021 as the business delivered record half year revenue and operating profit while more than doubling the operating profit margin to 21.6%,' the company said.

The company reinstated its interim dividend for 2021 at 8.5p per share.

'[W]e are confident in the delivery of full year group adjusted operating profit in continuing operations of approximately £240 million, as previously guided, subject to increasing property profit by £10 million related to the retention of four investment properties as part of the divestment of the traditional merchanting business in Great Britain,' the company said.



Story provided by StockMarketWire.com