Grafton Group PLC (LON:GFTU) has upped its profits expectations by 5% just months after its shares were hammered by a profit warning.
After October’s warning, the FTSE 250-listed building materials group now says trading in November and December was better than anticipated and adjusted operating profit in the year just ended will be £202mln against an earlier forecast of £190mln.
Merchanting revenue in the Netherlands has recovered while Ireland has continued to grow steadily. The UK. Though. remains weak.
Group revenue was £2.6bn, up 2.7%, though this was still below Liberum’s forecast for the year, though the broker said the uptick in operating profit was encouraging.
Shares rose 5% to 905p on Tuesday morning.