Paint supplier DuluxGroup has lifted full-year profit 9.6 per cent to $142.9 million and expects to deliver an even better result in the year ahead.
Sales revenue jumped four per cent to $1.8 billion for the year to September 30, helped by strong growth in the Australia-New Zealand business which contributed the bulk of earnings.
A one-off $3.1 million tax provision write back also added to the positive result, the company said on Wednesday.
Managing director Patrick Houlihan said growth in the company's well established divisions had allowed Dulux to invest in important future growth initiatives in offshore markets.
Dulux launched its premium Craig & Rose paints products and Selleys range into Bunnings and Homebase stores throughout the UK and Ireland during the year.
"Our Dulux business has once again delivered a first rate result, which ... supports strategic investment to further grow our businesses both locally and offshore," Mr Houlihan said.
He said the company's growing earnings base presents "multiple streams" for future growth.
Dulux said its new paint factory in Merrifield is schedule to begin commercial production in the first half of the 218 financial year and will support the company for "decades to come".
The paint supplier expects its Australia-New Zealand business to remain resilient in the year ahead with its core markets - home renovation, housing construction and commercial markets - forecast to provide solid growth in 2018.
"Subject to economic conditions, and excluding non-recurring items, we expect that 2018 net profit after tax will be higher than the 2017 equivalent," Mr Houlihan said.
DULUX LIFTS FY PROFIT, DIVIDEND
* FY profit up 9.6pct to $142.9m
* Revenue up 4pct to $1.8b
* Fully-franked final dividend of 26.5cps, up 10.4pct