Heiton profits soar almost 30%
Buiding company Heiton, familiar to consumers through its ownership of the Atlantic Homecare chain, has announced pre-tax profits for the year ending April 30, 2004, of €28.8m, up 29.7% on the previous year.
Earnings per share were up 23.3% to 53.1c.
The company generated net cash inflow of €28.6m, which it used to reduce its net debt from €70.2m to €42.6m.
Sales were up 8% in Heiton’s trade sector, and up 11% in the retail sector.
The company revealed that it had spent a total of €10.8m over the year on acquisitions and development capital expenditure.
“Against a robust economic backdrop, forecast construction output for 2004 in Ireland has recently been revised upwards, mainly as a result of the continued growth in housing demand,” said Group Chief Executive Leo Martin.
“Strong sales experienced by the group since the beginning of the calendar year supports this upbeat assessment.
“In addition, the economic and construction environment in the UK is positive and our business there is now well positioned to deliver growth.
“Looking ahead, our leading brands, a positive trading environment, financial strength and a pipeline of development opportunities position us well to build on the strong operating and financial performance announced today.
“Aided by good weather, trading for this year has begun well with sales growth in May up 14% on 2003, led by a very strong performance in the retail division.”
Heiton employs almost 1,700 people in Ireland and the UK. The group’s shares were down 7c to €6.63 on the ISEQ at midday.
