THE profit projections for Grafton Group have been revised upwards by NCB Stockbrokers. The pre tax profit from 1996 is now expected to amount to £15.2 million, up from £14.4 million. Looking further ahead the review has upgraded its forecast for 1997 from £15.3 million To £16.1 million.

Earnings per share is estimated at 76.5p for 1996 and 78.8p for 1997. NCB said the group should be debt free by the end of 1997. Given its strong cash flow, Grafton has the scope to spend up to £20 million on acquisitions this year and gearing would still remain at a comfortable 30 per cent.