Dunloe Ewart is looking for continued strong growth, chairman Mr Noel Smyth has said. He is particularly positive about the group's "continuing strong position" in the Republic and its "unique position" in Northern Ireland "where we have yet to capitalise on the increasing demand for residential and commercial space".

The interim results, to June 30th 1998, released yesterday, reflect the amalgamation of Dunloe and Ewart, and underlying growth by both. The figures, however, showing a 467 per cent rise in pre-tax profit to £2,555,000, are not directly comparable. They include a six months contribution from the Cradder group acquired in September 1997, and a three months contribution from Ewart. They do indicate, however, the activity that has been taking place since the get-together. In line with its strategy to sell non-core activities, three properties were disposed of in the first six months.

As anticipated, no dividends are being paid. Ewart used to pay a dividend but Dunloe didn't. "We are a young company, growing strongly. All the cash is going into development. That is exactly what shareholders invested for," said managing director Mr Philip Byrne. "There is a lot going on behind the figures," he added. Earnings per share grew from 0.44p to 0.53p.

Rental income rose 463 per cent to £4.8 million while the developments and sale of property increased by 62 per cent to £9.0 million. The enlarged group has investment properties and development land of £168.3 million. Significant progress has been made, adding value to the development land which is in the balance sheet at cost, Mr Smyth said. "This value will be extracted as developments are brought to fruition." These are to be revalued and Dunloe is confident there will be a substantial surplus over the balance sheet values.