Business Irish

Friday 29 August 2014

Kingspan is beating the bust

Published 13/11/2012 | 05:00

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There was a time when it was like shooting fish in a barrel. Companies such as Kingspan surged on the back of Ireland's false economic boom. And then came the bust.

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Yet despite the tough climate it finds itself operating in, the Cavan-based firm is widely regarded by analysts as having been solidly shepherded since world economies got into difficulty.

It's on track now to deliver full-year trading profits of €105m – 10pc ahead of last year's figure, even as markets in which it operates, such as the UK, continue to suffer.

The company made its first foray into the Middle East recently, buying a company in Dubai, while it has diversified geographically to countries including Australia in the past few years. And bowing to its roots, the company has continued to support local events and teams such as Cavan's GAA. One that still has The Punt scratching its head, though, is the Kingspan National Pike Championships.

The company has been sponsoring the competition for the past number of years. Qualifying events are already under way for next May's final. The last final, in May this year, produced some outstanding results, with 54 finalists catching a total of 288 pike. The heaviest fish caught weighed in at 15lbs.

Kingspan boss Gene Murtagh doesn't appear to have made the post-final presentation dinner in Ballinasloe. He was no doubt casting his nets elsewhere.

Irish Independent

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