Currency weakness sees Kingspan’s profits dip

Pre-tax profits of €23.8m have been announced by building materials group Kingspan for the first-six months of 2003.

The figures were marginally down from the same period last year despite a 5.5% increase in turnover to €380.3m.

This was explained by currency weaknesses in both sterling and the US dollar the company said.

Chairman and Chief Executive Eugene Murtagh said the outlook for the building firm was satisfactory despite market condition remaining difficult in all regions.

“The Group’s growth strategies are not acquisition dependent and can be achieved through organic development across its product categories,” he said.

Murtagh also announced that the joint role of Chairman & Chief Executive will be separated from early 2004 when an independent non-executive Chairman will be appointed.

Three new non-executive directors - Tom Mulcahy, Brian Joyce and Tony McArdle - would also be appointed to the company’s board while Gene Murtagh Jr has been promoted to the position of Chief Operating Officer.