Interim Results For the Six Months Ended 30 June 2005
Released: 13/09/2005
Highlights
- Sales were up 42 per cent to €1.3 billion (2004: €0.9 billion).
- Operating profit increased by 37 per cent to €96.5 million (2004: €70.7 million).
- Profit before tax increased by 28 per cent to €87.4 million (2004: €68.4 million).
- Profit before tax and property profit increased by 34 per cent to €81.5 million (2004: €60.9 million).
- Share purchase payment up 21 per cent to 7.25 cent (2004: 6.0 cent).
- Earnings per share before property profit increased by 20 per cent to 29.8 cent (2004: 24.8 cent).
- Basic earnings per share increased by 15 per cent to 32.0 cent (2004: 27.8 cent).
- Heitons ahead of pre-acquisition expectations.
- Scale related synergies bring savings.
- Strong performance by Irish builders merchants.
- UK merchanting contributes satisfactorily in softer market.
- Increasing competition in Irish DIY market.
- Confident of continued growth through 2005.
Commenting on the results today, Michael Chadwick, Chairman said:
‘The strong increase in first half profits and earnings reflects a first time contribution from Heitons, which traded ahead of pre-acquisition expectations, an excellent performance by the Irish merchanting operations in a continuing favourable trading environment and a satisfactory performance by the UK merchanting business in a softening market. The Group remains confident of continued growth in profits and earnings per share in 2005.’
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