Builders' materials and DIY group Heiton Holdings is seeking further acquisitions in the Irish and UK markets following a 13.2 per cent growth in pre-tax profits to €22.2 million (£17.48 million) in the year ended April 30th, 2001.
The company also made an exceptional gain on property disposal, of €10.1 million.
Despite a slowdown in economic growth in Ireland, the company is predicting growth of 3 per cent in the construction market next year.
"We expect our profitability to grow," said Heitons group finance director, Mr Peter Byers. "The market is growing and we will grow by more than that because of acquisitions and an increase in our Atlantic Homecare business."
In May, its rival Grafton bought 2.42 million shares in Heiton for €7.3 million, bringing its shareholding to just under 19 per cent.
Group turnover at Heiton was up 15.8 per cent to €369.2 million, of which its Irish operations contributed €313.9 million. Sales at its builders' merchants operation, Heiton Buckley, rose by 13 per cent to €214.9 million, while Atlantic Homecare, its DIY and homecare business, recorded a 36 per cent rise in sales.
The rise in profits at the group came despite adverse trading conditions in the UK which saw sales drop by 10 per cent from €61.4 million to €55.3 million.
A number of management changes and one-off costs at its UK subsidiary, Cooper Clarke, also impacted on its results, said group chief executive Mr Leo Martin. However, the acquisition of Willis Builders Merchants in Essex last May would push its turnover to more than €80 million, he said.
Betor, the Polish builders' providers company, in which Heitons took a 30 per cent stake in May, reported turnover of more than €15.3 million.
The company also said Mr Rory O'Mahony, chief operating director for Ireland, intends to resign from August 31st, to attend to private interests.
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