Kingspan profits jump 15pc

BUILDING supplies company Kingspan has reported a massive 15pc increase in operating profit to €104.6m for the year.

The Cavan-based insulation maker said that sales of its products in Ireland are expected to remain subdued because of the lack of demand here.

While activity in the UK building and renovation sector was also subdued, new residential building and retail/distribution projects were providing some respite, according to Kingspan.

"Ireland is no longer a huge influence. The UK market accounts for between 37 and 38 per cent of our business, and that was a very tough market last year," said Kingspan chief executive Gene Murtagh.

But he said that Kingspan has no intention of shifting its primary listing to the UK.

"We're an Irish business and we're based in Ireland," Mr Murtagh said.

Ireland currently represents 4pc of Kingspan's total sales, eclipsed by sales in Australiasia for the first time last year.

Revenue for the year rose 5pc to €1.63bn, while basic earnings per share increased by 18pc to 43.8 cent.

Last year the company acquired ThyssenKrupp Construction Group, the insulation business of German steel giant ThyssenKrupp, and Dubai-based Rigidal Industries for a combined €61.6m.