Building materials group Kingspan has reported pre-tax profits of €37.5m for the first half of 2004, up 32.5% on the same period last year. Turnover was 15.5% higher at €439.4m.
Adjusted earnings per share were up 28% to 20.2 cent and a 31% higher interim dividend of 3.4 cent was declared.
Sales were higher in all of the company's markets, with Irish sales up 18.5%.
Sales of Kingspan's insulated panels, which account for nearly 40% of its business, were up 23%. Sales of raised access flooring were 5% lower, however, dragged down by a sharp decline in Europe, though US sales jumped by 51% to $35.9m.
Sales of insulation products grew by 27% to €93.7m, while the building components division saw 6% higher sales. The environmental containers division was up 13.6%.
Kingspan says prices of its two main raw materials, steel and chemicals, have risen and are likely to increase further in the second half, though it says these 'will be passed into the marketplace'. But it says markets are 'reasonably buoyant' and expects a 'satisfactory outcome' for the year.
Kingspan shares closed 30 cent higher at €5.45 in Dublin this evening.
