Kingspan profits increase by 34%

KINGSPAN shares rose 3% yesterday after the Cavan-based building materials group delivered a 34% increase in pre-tax profits.

Revenues surged 22% to €958 million for the year to December, allowing the bottom line to come in at €88 million, up from €65 million in 2003.

Chief executive Gene Murtagh, who took the top job in January after his father stepped down to become chairman, said the results were positive and that the group was “in good shape.”