AI stock crumbles despite profit hike

INVESTORS offloaded shares in Aggregate Industries, despite the building materials firm posting profits at the top end of City forecasts. Profits rose 14% to £124m for the year ended December, and AI raised the dividend to 2.43p a share, from 2.31p last time.

Chief executive Peter Tom said the outlook for this year was positive, despite continuing worries over the US economy. 'The high level of activity in the fourth quarter of 2001 has continued into the New Year and price increases were applied in March,' he added. The stock slipped 1 1/2p to 87 3/4p.