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Kingspan predict profits down by a third

Building materials group Kingspan are forecasting a 33% drop in operating profits for the year thanks to the slowdown construction sector and rising raw materials costs.
Sales were 9% down for the 10 months to 31 October 2008 compared to the same period last year and the company have said that 2009 is almost certainly going to be worse.

Chief executive Gene Murtagh said: “The first half of 2008 has seen Kingspan deliver a comparatively robust operating performance against a difficult international backdrop where the headwinds of contracting markets, rising raw material costs, and unfavourable foreign exchange movements remain in place.”

The focus now will be on tightening cost control measures, continued investment in growth markets, and broadening their geographic base.

About Fiona Russell-Horne

Group Managing Editor across the BMJ portfolio.

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