Kingspan sales up 33% to €440m

KINGSPAN said trading in the first four months of 2011 was “well ahead” of the corresponding period last year, with group sales up 33% year-on-year to €439.3m.

The Cavan-based building materials group’s management told shareholders at its annual general meeting yesterday that it is likely to see a year-on-year operating profit increase for the first half of 2011, on the back of strong momentum and a solid order book. Kingspan shares closed yesterday up 4.23% at €6.90.

Speaking after the meeting, Kingspan’s chief executive Gene Murtagh said the group would continue to look for acquisition opportunities, but would be unlikely to make any further significant buys this year. However, if such things could be timed precisely, a buy early next year would be agreeable.