Kingspan has reported a 13% rise in profit after tax for 2019, as it saw sales rise across all of its divisions.

The Co Cavan-based building materials group had a profit of €377.8m last year - following a 7% rise in revenues to almost €4.66 billion.

Kingspan's insulated panel division, which accounts for almost two-thirds of its revenue and almost 84% of its profit, grew by 7% in the year.

The company said the division had had a strong performance in the Americas, while mainland Europe - with the exception of Germany - had also done well.

It also described the UK market as "difficult", particularly in the latter part of the year.

Elsewhere, Kingspan's insulation board division grew by 2%, while its light and air division expanded by 12%.

The company also said it had commenced work on a 'daylighting centre for excellence' in Ireland.

In a statement accompanying the results, Kingspan CEO Gene Murtagh said the "uncertain economic outlook" had led to a slow start to 2020, however it was confident of longer-term growth due to its investment in innovation.

"2019 was another year of solid growth for the business, ending a decade during which the company's revenue increased fourfold, and trading profit increased sevenfold," he said.

"Organic expansion is supported by new production facilities we have commissioned during the year in the US, Brazil and Sweden, and the level of demand building in Southeast Asia will soon justify investment in local manufacturing capacity there. 

"We also continue to focus on acquisition opportunities, and have a healthy pipeline of targets under consideration."

"Final results are a little better than expected and we are likely to nudge up our trading profit forecast for this year by circa 1%," said Davy's Flor O'Donoghue, "As we noted recently, the near-term investment case is clouded somewhat by what has been a significant valuation expansion.

"But this is no ordinary business and Kingspan has a medium-term structural opportunity that distinguishes it from most other companies."