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Kingspan profits surge by nearly 20% to €52m

Insulation maker Kingspan generated trading profits of €52.7m (£41m) during the first half of the year - a 19% surge compared to the corresponding period in 2011.

The boost to profitability came even as rivals struggle in the market and some of the geographies in which Kingspan operates continue to remain difficult.

Revenue at the company rose 3% to €757.4m, (£595m) and was down 1% on a constant currency basis, while earnings per share jumped 28% to 22.1 cent (17p).

The company is based in Cavan but has a number of facilities in Northern Ireland.

Chief executive Gene Murtagh said the results had been achieved through a combination of organic growth and the successful integration of acquisitions.

"The trading environment across many of our geographies continues to be very uncertain which is having a moderating impact," he added. But he said Kingspan is outperforming the markets in which it operates.

Last week, Kingspan announced that it had agreed to buy two rivals for a combined price of almost €100m (£78.5m).


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