Kingspan pre-tax profits build to €65.5m

Kingspan PLC, the building products manufacturer, has released results for year ended December 31, 2003.

Most of the company's revenue comes from structural building components such as steel frames and it operates mainly in Europe, but it also has facilities in Asia and the US.

The Irish company has become the UK's top supplier of raised flooring.

Turnover for 2003, rose 6% to €783.9m, with operating profit before goodwill and amortisation at €79.4m, down €2.6m on last year's figure.

Kingspan saw a pre-tax profit of €65.4m, up 8% or €1.7m on 2002.

Earnings per share (EPS) before goodwill was 36c, up 1% or 0.5c.

The regular dividend per share rose 7.2c from 5.9c, representing an increase of 22% on 2002.

Chairman and chief executive, Eugene Murtagh, said of the group's performance: "This was achieved in a year when substantial parts of the construction markets in which we operate, showed little or no growth."

Net debt for Kingspan was €120.8m, an increase of €3.5m, as a result of a special dividend of €19.8m during 2003.

The group proposes to pay the final dividend on June 11, 2004 to shareholders on the register on March 19, 2004.

In terms of strategy, Kingspan said it intends to differentiate its products in the areas of thermal efficiency, fire ratings, and structural capability.

Its said it intends to achieve industry leadership and profitable growth in all its target markets.