Building materials group Kingspan has reported pre-tax profits of €185.2m for last year, up 37% on 2005, with total sales rising 18% to €1.46 billion. The group is benefiting from an increased focus on energy efficient construction materials.
Chief executive Gene Murtagh said he was confident of further growth this year, helped by strong construction markets, development of new products and growth in new markets. He said these factors would offset increased competition and unpredictable raw materials prices.
Sales of insulated panels rose by 21% and now account for almost 40% of sales. The main factor was conversion from traditional materials in Ireland and the UK. Kingspan also entered the North American market in panels for the first time with the acquisition of a Canadian business.
Insulation board sales were up 12%, while raised access floors sales grew by 15%, lifted by an upturn in office building on both sides of the Atlantic. The environmental division recorded sales growth of 13%, while off-site and structural sales increased by 21%.
Kingspan's basic earnings per share rose by 35% to 89.8 cent and a final dividend of 13 cent will be paid.
Shares in the company closed down €1.40 at €19.20 in Dublin this evening.
