CAVAN, IRELAND: Sales at Kingspan rose 6% as market conditions improved last year. Group revenue for 2010 was €1.19bn, compared to €1.13bn a year earlier with operating profit for 2010 up 8% for the first time in three years to €67.4m. Pre-tax profit fell to €55.7m from €56.7m in 2009.
Kingspan reported stability across the UK market as overall group sales in the region increased by 3% in a statement this morning.
The group anticipates growth in continental Europe as the result of an agreement to buy the western European CIE Insulation businesses for about €120m.
Gene Murtagh, chief executive, said: "The return of stability was a key theme in 2010 with Kingspan recording an increase in both sales and profits for the first time in three years. The group has emerged from this period, albeit at a lower base, with a business that is broader and deeper than ever before."
