Materials group benefits from strong European market as results reveal interim profit of £83m
Strong sales in Europe helped Irish building materials group Kingspan deliver a 33.7% jump in pre-tax profits to £83.4m.
Operating profit increased 31.4% to £88m and sales grew 16.5% to £675.9m for the six months to 30th June 2006. Operating margins increased 1.5% to £13%.
The company said sales in Western and Eastern Europe were particularly strong growing 26% and 50% respectively.
Gene Murtagh, chief executive, said: “Results for the first six months represent a tremendous outcome for the group. Our products continue to gain share against traditional alternatives, bolstered by the increasing awareness of the advantages of sustainable energy construction."
"This dynamic, coupled with ongoing regulation change underpins demand for our products and gives us confidence that substantial earnings growth will be achieved for the year as a whole.”