Grafton share price boosted

CONSTRUCTION and building materials provider Grafton Group’s shares raced ahead yesterday after the company said it expected profits to exceed stockbroker forecasts.

The final sentence in a five-paragraph development update statement issued yesterday stated: “Group profits in the first half of 2003 are expected to be slightly ahead of market forecasts.”

Davy Stockbroker’s analyst Florence O’Donoghue said the announcement indicates first-half trading was good and that development activity continues apace.