Barlo, the plastics and radiator group, is seeking further European expansion in its core business areas, following a 31 per cent rise in pre-tax profits to €24 million (£19 million) in the year to March 31st, 2000.
Turnover was up 15 per cent on the previous year at €228 million (£180 million) partly due to growth in the plastics business which accounted for 52 per cent of revenue last year.
The percentage of group revenue gained from its plastics business has now more than doubled since 1996.
Dr Tony Mullins, chief executive, said the group was now the largest clear plastic-sheet extruder in Europe with 15 per cent market share.
Volume was up 29 per cent to 54,000 tonnes in the plastics division and Barlo was seeking organic and acquisitional growth in the building materials business, said Dr Mullins.
Turnover and operating profits in the radiator business were ahead of 1999's strong results despite the increase in steel costs during the year, he said.
Barlo was now the fourth largest radiator producer in Europe.
Barlo would seek to grow the radiator business in Eastern Europe to target the lucrative German marketplace. Poland was particularly attractive due to its large market, he added.
The development of an e-commerce strategy had cut £100,000 in printing costs for its catalogue and enabled customers to order products online, said Dr Mullins.
Dr Mullins said the group had maintained a strong cash position with operating cash inflow of €27 million. Dividend increased some 31 per cent to 2.5 cents.
