Kingspan operating profits fall 60% but market stability on the horizon

THE results of building insulation manufacturer Kingspan for 2009 reveal the company has been hard hit by the construction downturn.

Operating profits at the Cavan-based group slumped 60% to €62.7 million from €157m as demand for insulation products and the group’s timber frames for homes were hit by the worst recession in modern times.

Sales fell 33% from €1.6 billion to €1.1bn in the 12 months. The company has decided not to pay a dividend for last year reflecting the tough year across its markets that include Ireland, Europe, and north America.