Heiton's Irish profits surge

Heiton, the building materials supplier and home improvement outlet chain, said interim profits were up 29% because of continued growth in the residential property market.

The group, which owns Atlantic Homecare and Sam Hire, said pre-tax profits before exceptionals rose to €15m in the six months to October 2003 and turnover increased 4% to €255.5m.

Analysts forecasts were justified as adjusted earnings per share were up to just over 27 cent a rise of 23%.

The company said: "Our Heiton Trade and Heiton Retail divisions, which are positioned to tap into this expanding segment of the construction market, have experienced a period of strong organic growth."

Heiton Retail, which includes Atlantic Homecare and the Panelling Centre, was the company's best performing sector, with turnover up 10.3%.

The company plans to open three new Atlantic stores in Tullamore, Wexford and Limerick this year.

In contrast, turnover at Heiton's British division declined by 17%, reflecting the closure of a dry lining business as part of a restructuring as well as the impact of the euro's strength against sterling.

Chairman Richard Keating said he is confident of a satisfactory out-turn for the full financial year.