Recent good results from IAWS have led to profit forecast upgrades for the group. Davy, broker to the company, has increased its full-year 2002 earnings-per-share forecast to 42.6 cents from 39.8 cents, and its 2003 forecast to 47.3 cents.

Goodbody analyst Liam Igoe has raised his 2002 forecast from 42.4 cents to 43.3 cents, implying earnings growth of just over 15 per cent, and left his 2003 forecast of 48.1 cents unchanged. He has set a 12-month price target of €8.70 for the shares.