Shares in building materials supplier James Hardie have soared to a record high after it almost tripled its annual profit and announced plans to pay shareholders an extra dividend.
Sales growth in Australia, Europe and the US helped James Hardie lift its profit for fiscal 2015 to $US291 million ($A369.57 million), from $US99.5 million a year earlier.
The company rewarded shareholders with a special dividend of 22 US cents per share in addition to a second half ordinary dividend of 27 US cents.
The company also launched another buyback of its shares, planning to buy up to five per cent of its stock in the year to May 2016.
James Hardie shares surged by $1.77, or 11.63 per cent, to close at an all-time peak of $16.99.
The profit result was boosted by an 11 per cent lift in sales as housing construction and renovation activity strengthened in the US and Australia.
A weaker Australian dollar, and the beneficial impact that had on James Hardie's asbestos liabilities, also contributed to result.
James Hardie expects moderate growth in the US housing market in the year ahead, while sales in Australia are expected to rise in line with increasing housing construction and renovation activity.
Chief executive Louis Gries said the company had generated consistent growth rates and profits throughout the year as it expanded production capacity in the US and Australia.
"We had higher volumes and selling prices right across the business," he said on Thursday.
"Basically, the theme is everything is working well."
Mr Gries said the company's manufacturing sites in the US were running more efficiently.
He said a challenge for the company's Australia operations was to increase its presence in the growing medium-density housing sector where James Hardie was currently under-represented.
Meanwhile, James Hardie said asbestos-related claims rose by nine per cent to 665 the year to March 31 amid a continued climb in mesothelioma claims.
The average settlement for all claims was steady at $A254,000.
MORE SALES, LOWER $A BOOST JAMES HARDIE PROFIT
* Net profit of $US291.3m, up 193 pct on $US99.5m in 2013/14
* Sales of $US1.66b, up 11pct from $US1.49b
* Final dividend of 27 US cents plus special dividend of 22 US cents, compared to 32 US cents plus a 20 US cent special dividend
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