Grafton: Profits for 2003 on track

THE Grafton group of builders merchants said it had spent €200 million on acquisitions last year and that profits for 2003 would be in line with analysts expectations.

In a trading update Grafton said that last year was a "strong year of growth" and profits would meet forecasts. Analysts at Goodbody Stockbrokers said Grafton would report a 28% rise in pre-tax profits to €98m.

The company said that each of the larger acquired businesses in 2003 - Jacksons, Plumbline and Telfords - continued to trade in line with, or ahead of initial expectations.