- Building materials distributor Grafton said it expected annual adjusted operating profit within the top end of expectations following 'strong' performance.

Market expectations for adjusted operating profit were £270.4 million with a range of £266.7 million to £276.3 million.

Total revenue from continuing operations -- excluding the traditional merchanting business in Great Britain the divestment of which completed on 31 December 2021 -- increased by 25.7% to £2.11 billion in 2021 from £1.68 billion in 2020 and by 28.4% from £1.64 billion in 2019.

'The group's portfolio of high returning businesses performed strongly leading to a record outcome for the year,' the company said.

'2021 was also a year of significant strategic change for Grafton with the sale of the traditional merchanting business in Great Britain and the acquisition of IKH in Finland,' the company added.

'The overall outlook remains positive and we look to the future with confidence given the strength of our businesses, strong balance sheet and good pipeline of investment opportunities."'

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