Heiton ahead thanks to Irish DIY

Building materials group Heiton Holdings have reported trading "well ahead" for the first quarter of their financial year.

The figures are being driven by the company’s Irish DIY business which had performed ‘exceptionally well’ with volumes "comfortably ahead" according to chairman Richard Keating.

However, he also cautioned that housing growth rates will modify somewhat in the coming months, shareholders at the company’s agm heard today.

The company also expressed satisfaction that its British operation’s restructuring plan would be completed at the end of the year and that its Midlands depot was now fully operational.

Last July Heitons’ announced a reorganisation and divided their business into three divisions; Heiton Trade, Heiton Retail and Heiton UK.

A sale and lease back for a new facility in Ballyshannon, Co Donegal has been completed, while a site in Santry, Dublin was sold at a profit of €2 million recently.

Speaking at the agm, Keating said : "The first four months reflect a promising start to the year and we are confident that we will continue to make progress in the months to come”

The Board of Directors also announced the appointment of William R. Cotter (59) as a non-executive director.

Mr. Cotter recently retired head of Bank of Ireland’s Asset Management and Securities Services Division.

It also announced the retirement of John Bourke, who had been a director of the company for 29 years, eleven of them as chairman of the Audit Committee.