Grafton, the Woodies DIY group, will make a profit of €15.8 million from the sale of a 3.3 acre site in London's dockland, which is being sold for €24.9 million.

The market reacted positively and pushed the share up 70 cents to €22.50. The proceeds from the sale will be used to supplement the group's cash flow in its continuing expansion of its business. The site was an asset of British Dredging, which was acquired by Grafton in 1998. British Dredging had proposed selling the site for £3.5 million sterling (€5.8 million), but the proposal was defeated by Grafton, as a minority shareholder, at an extraordinary general meeting in 1998. Grafton was against the sale because it considered that the site had the potential to rise in value.

The site is located close to London City Airport and opposite the Millennium Dome.