Grafton boosted by £2.08bn turnover in 2014

Grafton said trading conditions were favourable in the final quarter with positive momentum from a sustained recovery in the UK and Irish economies leading to increased demand in the residential repair, maintenance and improvement (RMI) and new build markets.

The rate of growth eased as anticipated in the second half of the year due to being measured against progressively improving trends over the same period in 2013.

Average daily like-for-like turnover in the UK merchanting division, which includes the Buildbase chain, grew by 6.5% for the year and by 4% in Q4.

The Irish merchanting division saw startling grow of 13.9% for the year and 12.4 for Q4.

Group wide across all regions and divisions, the turnover growth was 7.1% for the year and 4.7% in Q4.

As well as increased demand in the UK residential RMI market, Grafton reported greater consumer confidence and household spending, growth in transactions in the secondary housing market and investment in an ageing housing stock.

Ireland revenue growth was initially concentrated on the residential RMI market but extended into the new housing market where output increased from very depressed levels as the year progressed.

Grafton's final results for 2014 will be released on March 10, 2015.