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Positive signs expected in Grafton interim results

Davy forecasts group will increase earnings by more than 25% this year.

Builders’ merchant Grafton Group and travel software firm Datalex are among a number of Iseq-listed companies with results out this week.

Grafton’s interim results, which are due to be published on Wednesday, are expected to confirm the company is in ever-improving health.

The group enjoyed a good end to the first half of the year, with revenue up 1.5 per cent year-on-year, according to a trading update issued in July.

Merchanting revenues rose 1 per cent in Ireland while underlying revenue growth was up 1.7 per cent in the UK. Davy stockbrokers said this represented a “very strong end” to the half, as revenues were down 8.7 per cent after the first four months.

“We are currently forecasting that Grafton will increase earnings by over 25 per cent this year and by over 15 per cent in 2014,” Davy analyst Flor O’Donoghue said.

He said the forecasts were framed on a modest increase in underlying revenues in the UK of 2 per cent with 1 per cent revenue growth in Ireland.

This is expected to translate into trading profits of €85.5 million, up 17 per cent on last year.

Source : Pamela Newenham – The Irish Times

26 August 2013
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