Irish hardware supplier reports 50m Euro sales - Industry Supplies

IRISH International Trading Corporation (IITC), the Cork-based hardware supplier reported sales of over €50 million for 2007.


This marks a 13% increase on 2006 sales of €45.5m.

The company, however, said it is difficult to see this level of growth continuing over the next few years and is instead “confident that modest single digit growth will be achieved”.

The company also reported that net profit before tax increased 19% to €3.47m last year, compared with €2.92m in 2006.

Profit after tax also increased by 19% to €2.97m.

The company said the last five years have been a period of “remarkable growth” with turnover increasing 84% from €27.9m in 2002 to its current level of €51.3m. The proposed dividend at the company’s AGM was €480,000/16 cent per share compared with €450,000/15 cent per share in 2006.

In its reports and financial statements for the year ended December 31, 2007, IITC said while the construction of new houses has slowed dramatically compared with previous years, sales to the home improvement sector remain buoyant. “The diversified nature of the company’s product range means it is not overly reliant on the construction sector.

“However, if the construction and home improvement market continue to slow dramatically for a prolonged period and if the agricultural sector were to experience a further downturn, it is likely that sales would decrease as well as trading margins and profits,” it said.

The company also said that in recent years it has been looking for a more suitable location to its Ballymount premises.

A 7.87 acre greenfield industrial zoned site has been located near Naas, Co Kildare it said, adding that the site will afford easier access for transport and has potential for future expansion.

Contracts for the purchase of the site were signed in January 2008 and the sale is expected to be completed in April 2008.

The company has applied for planning permission to develop half the site for its own trading requirement and intends to develop the remainder of the site with warehouse units for lease or sale.