Heywood Williams said 3 May 2007 that 2006 was another year of strong progress for the company, with a robust performance and a strong platform for future growth being created following the acquisitio…
Heywood Williams said 3 May 2007 that 2006 was another year of strong progress for the company, with a robust performance and a strong platform for future growth being created following the acquisition of Carlisle Brass. Profit before tax and items at GBP 9.4 million was up 19% excluding the one-off earnings benefit from Hurricane Katrina in 2005. Profit before tax was in line with 2005 when the impact of Katrina is included. Net cash generated for the year, prior to expenditure on acquisitions, was GBP 8.3 million. On 3 October 2006, the group completed the GBP 48 million acquisition of Carlisle Brass, a high quality architectural hardware business. The group continues to perform in line with its plans and the company said that the board remains confident that the group will demonstrate further progress with ambitious, yet realistic, targets for organic and acquisitive growth being pursued for the group“s future development. In the 1Q 2007, the company“s hardware distribution businesses in the UK/ Europe have performed as expected, with a strong contribution from Carlisle Brass. In the UK, modest growth has continued in the home improvement market and the new build market has been stable as expected. In its other European markets, the new build market in Ireland has somewhat cooled, while the company“s penetration of the timber and aluminium window hardware markets in Scandinavia is exceeding its expectations. From late 2007, its PVC hardware businesses will start to benefit from low cost sourcing opportunities, which are currently being developed, with a full year“s benefit in 2008. LaSalle Bristol, Heywood William“s US subsidiary, has performed as expected and sales have been stable, though the usual seasonal volume improvement has been muted to date. Heywood Williams“ Hardware Division is the market leading specialist distributor to the architectural hardware market incorporating the Mila, Carlisle Brass, Eurospec, Eurolite, Window Ware and Door Panels brands to the UK and certain other European markets.