Fayrewood profits rise by 42%

London-listed IT distributor Fayrewood, in which the Irish businessman Mr Pierce Casey has a stake, yesterday posted record results for the first half of the year.

Profit before tax in the six months ended on June 30th grew 42 per cent to €10.5 million, from €7.3 million during the same period in 2003.

Adjusted earnings per share rose by over 70 per cent to 10.45 cent, from 6.1 cent last year. The company declared an interim dividend of 0.45 cent a share, a 36.4 per cent increase on last year.

Sales grew 19 per cent to €341 million, from €287 million. Its niche distribution business contributed €240 million, a 17.6 per cent jump on last year, while the Computerlink division grew 22.3 per cent to deliver the remaining €101 million.

Mr Casey, who chairs the company, said he anticipated further profit growth in the second half of the year.