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Heywood hit by tough US housing market

Building products firm Heywood Williams has reported a dip in profits for the year ended 31 December due to problems in its US market.

Pre-tax profits fell 9 per cent to £9 million against a turnover of £250.5 million which dropped from £256.2 million in 2006.

The firm said the fall was due to “the reduction in earnings” at its US products arm LaSalle Bristol following the effects of the decline in the US housing and home improvement market. The division provides products to the modular housing markets.

Heywood said its hardware division was bolstered by a strong performance from Carlisle Brass and the £15.6 million acquisition of Irish firm Avenco last August.

Chief executive Robert Barr said: “2007 was satisfactory year given market conditions and we are very pleased with the Avenco acquisition.

“The board believes that the group will continue to demonstrate its resilience in 2008. The group has leading market positions, a record of strong cash management, an excellent new product pipeline and rigorous cost reduction plans are being implemented.”