Kingspan revenues decline 33pc in 2009
Published 01/03/2010 | 10:18
Building materials group Kingspan has said operating profit declined to €62.7m in 2009 from €157.1m a year ago.
The company said sales in 2009 fell 33pc to €1.13bn. Net debt at the Cavan-based firm was €164.3m at the end of the year.
“In 2009 we experienced a set of global challenges never encountered before by the business,” Kingspan CEO Gene Murtagh said.
“While the year ahead will present continued challenges, there is now tangible evidence of stability emerging with conditions becoming more predictable than in the recent past.”
Murtagh said orders in the first two months of the year were higher than year earlier levels. Sales have been hampered by poor weather across Europe, he said.
The company is on the lookout for acquisitions and had “run an eye over” some companies in the last six months, Murtagh said. “There should be value out there at a time like this.”