HEATING and building products group Hepworth, which owns a major site in Padiham, has unveiled a rise in profits for the first half of the year.

The building products division, which the East Lancashire site is part of, made good progress, with profits up five per cent to £11.4 million, due to cost-cutting benefits.

Chief executive Jean-Francois Chene, said a major revamp of Hepworth's businesses, which began in 1997, was paying off and had allowed the group to boost its cash reserves by 86 per cent to £65.2 million.

"We think there are a number of opportunities in the heating and building products market and we think we can exploit some of them," he said.

"If we find a deal that satisfies our strategy and financial criteria, then I am sure if it makes sense for our shareholders, we will go for it."

Mr Chene said the group would also look at the possibility of selling off businesses which were 'marginal players' in their respective markets.

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