Ewart, the Belfast company which is resisting a £21.1 million sterling (£25 million) bid from Dunloe House, will announce strong profit and asset growth this morning, as part of its ammunition against the bid.

It has accelerated publication of its interim results to December 31st, 1997 and these will show a rise in pre-tax profit from £800,000 to more than £1 million, according to reliable sources, reflecting buoyant rental growth and property development. More crucial to its defence will be the growth in the net asset backing to the shares. The last results, to June 30th, 1997, showed net assets per share of 65.9p, or close to Dunloe's cash offer 67p (there is a loan stock alternative of 70p and a share offer which values Ewart shares at 72p). It is understood that the net asset backing per share has grown to more than 75p.

If this is confirmed by the figures, Dunloe will have to substantially increase its offer to reflect the higher asset valuation. The three groups which have expressed an interest in making a counter bid for Ewart are understood to have talked about an indicative price of 75p. None has yet made an offer.

They are understood to include a publicly-quoted British property company, a consortium of Northern Ireland businessmen headed by Mr John McGuckian, chairman of UTV and a private property company interested in using Ewart for a share quotation.