12c dividend boosts Kingspan shares as profits plunge 13% to €63.7m

KINGSPAN shares rose by 7.74% yesterday on the back of the promise of a special 12c dividend as pre-tax profits plunged by 13% to €63.7 million.

Pre-tax profits were down 13% to €63.7m, operating profits down 17% to €73.1m, turnover down 11% to €739.6m and earnings per share were down 8% to 30.2c.

However, Kingspan’s numbers were well received by analysts, who recognised the strong performance by the company in difficult trading conditions in the building industry.