Irish builders' merchant Heiton reported a 30 per cent jump in annual profit today amid a buoyant housing market.
Heiton, a target of a hostile bid from rival Grafton, said profit before tax and exceptionals but including goodwill rose to €28.8 million in the year to the end of April.
Earnings per share climbed 23.3 per cent to €0.531 and the group said it had slashed its net debt to €42.6 million from €70.2 million a year ago.
"Aided by good weather, trading for this year has begun well with sales growth in May up 14 per cent on 2003, led by a very strong performance in the retail division," Chief Executive Mr Leo Martin said.
Heiton reiterated its rejection of the €0.635 per share bid Grafton launched on Thursday. The cash-and-share offer worth €325 million represented a 20 per cent premium to Heiton's share price on the day it was launched.
Grafton, which holds 29 per cent of Heiton and has made three proposals to Heiton in recent weeks, has said it will make another announcement in due course.