A Cork-based hardware supplier has reported sales of over €50 million for 2007 marking a 13% increase on 2006 sales of €45.5m.

Irish International Trading Corporation (IITC), said however, that it is difficult to see this level of growth continuing over the next few years. Instead, it said that it is "confident that modest single digit growth will be achieved".

-- Advertisement --

The company reported a net profit before tax increased 19% to €3.47m last year, compared with €2.92m in 2006 and a profit after tax of €2.97m.

While construction activity has slowed, the hardware supplier said 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.

(VB/JM)