Building materials group Kingspan has reported pre-tax profits of €108.2m for the first six months of this year, up almost 30% on the same period last year, as sales rose 34% to €908.4m.
Earnings per share grew 30% to 52.7 cent and a 33% higher interim dividend of eight cent will be paid.
The company said 'relentless conversion' from traditional systems had led to significant growth in its insulation panel and insulation board businesses in the UK. CEO Gene Murtagh said its markets were becoming increasingly aware of the significance of 'high performance building solutions' in reducing energy consumption.
It said it was confident that operating profits for the year would grow by at least 20% as its order books were strong.
Sales in the insulated panels business were up 47% to €365.2m, while insulated boards turnover was up 18% to €140m, helped by new building codes in the UK. Kingspan said the Irish business was 'robust' despite the slowdown in house building.
Turnover in the environmental and renewables division climbed 18% to €141.6m, while offsite and structural turnover was up 48% to €169.3m. In the access floors division, turnover increased by 25% to €92.3m.
Kingspan shares were down 31 cent at €18.69 in Dublin this afternoon.
