The builders providers and DIY supplies group, Heiton, has reported a 29 per cent rise in pre-tax profits to €15 million in the six months to the end of October 2003.
The group, which operates Sam Hire, Atlantic Homecare and the Panelling Centre in Ireland and trades as Cooper Clarke and Willis in the UK, continued to benefit from the surge in new building and general home improvements.
Chief executive Mr Leo Martin said it was confident of a satisfactory out-turn for the full financial year. "We are encouraged by the robust performance achieved across all of our divisions and are pleased to report that the new organisation structure, announced last July, is performing effectively," he said yesterday.
Earnings per share increased by 23 per cent to 27.3 cent and shareholders will be paid an interim dividend of seven cent per share, an increase of 13 per cent. Heiton shares ended five cent lower in Dublin at €4.30.
Some €1.7 million of the group's profits came from a gain made on the sale of a site in Santry in Dublin. It also generated strong cash flow that helped to reduce its net debt from €79.5 million to €53.5 million.
The group's turnover rose by 4 per cent during the six months to €255.5 million. Some €219.826 million was generated in Ireland with Heiton UK recording sales of €35.7 million. Earnings from its UK division were depressed by the value of sterling when translated into euro. Trading in Ireland was buoyed by the estimated 65,000 new house completions during last year.
