Paint maker DuluxGroup’s half year profit has grown by 88 per cent on improved sales and the benefits of its takeover of building products company Alesco.
The company made a net profit of $60 million in the six months to March 31, up from from $32 million in the same period a year earlier.
The result included several one-off items, and when excluded, the company’s profit was $56 million, up 34 per cent from $42 million a year earlier.
The company also supplies garden products, and its takeover of Alesco in December 2012 added building products and garage doors to its business.
Managing director Patrick Houlihan said DuluxGroup achieved strong sales growth in Australia and New Zealand in the first half of its fiscal 2014/15 year.
He said most lead indicators for the Australian market were largely positive, while growth in the New Zealand market was expected to continue.
DuluxGroup expects its full year profit, excluding one-off items, to be higher than the previous year’s $94 million.