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Kingspan profit falls

Irish building materials supplier Kingspan recorded falling profits and sales in the year to December 2009.
Profit fell to euro56.7m (£50.5m) from euro68.1m (£60.7m), on turnover that was down by 33% at euro 1.1bn (£1bn). Last year’s figure was euro1.6bn (£1.4bn).

Insulation board sales were down 23%, while insulated panel sales were particularly badly hit, falling 33%.

Chief executive Gene Murtagh said: “In 2009 we experienced a set of global challenges never encountered before by the business. Excellent progress has been made in debt reduction which positions the company with one of the strongest balance sheets in the industry”.

About Fiona Russell-Horne

Group Managing Editor across the BMJ portfolio.

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