Grafton Group PLC (LON:GFTU) expects full year profits to significantly beat forecasts after a bumper performance in March and April.
The building materials distributor and DIY firm – known for its Selco brand – said revenues between January and 18 April rose 32.9% to £846.8mln with growth in the latest two months ahead of forecasts.
It was helped by the fact that all its distribution, retail and manufacturing branches continued to trade as essential suppliers.
So it expects operating profit for the year to be 15% to 20% higher than concensus forecasts of £206mln, also helped by higher property profits. As it heads into the key trading periods of May and June, it cautioned that the outlook for the second half depended on consumer spending patterns returning to normal.
Chief executive Gavin Slark said: “We have made a very positive start to the year and are encouraged by the improving trends and momentum in trading in the period which we…