Grafton shares up on solid first-half foundation

The price of shares in FTSE 250 builders merchant Grafton Group (LON:GFTU) has risen by 9.82% to 749.50p (as of 14:30 BST) after it reported for the six months ended 30th June. Pre-tax profits for the period climbed by 5% as the Irish and Dutch business performed well and UK operating margins improved in a softer business environment.

CEO Gavin Slark commented: “We made good strategic and operational progress in the first half of 2019 which supports the ongoing improvement in the underlying quality of our business. Despite the uncertainty in the U.K., the Group continues to benefit from the strength of Selco’s market position and our higher returning, growth businesses in Ireland and The Netherlands. Our focus remains on delivering growth in shareholder value and a great experience for our customers and colleagues“.