Kingspan profits climb 34% to €88m

Building materials giant Kingspan saw 2004 pre-tax profits climb 34% to €88m, the group revealed this morning.

The Co Cavan group reported turnover of €958.1, up 22% on the 2003 figure of €783.9m.

Net debt at the end of 2004 was €107.6m, a reduction of €13.2m from €120.8m on 2003. This reduction was achieved after net capital investment during the year of €54.6m, acquisitions of €26.6m and after the receipt of €27m being the proceeds from the Tate settlement in the US.

Eugene Murtagh, chairman, said today: "Kingspan delivered strong growth performance in 2004 with turnover up 22%, operating profits before goodwill amortisation up 29%, and earnings up 36%.

"Almost all of this growth was organic. Trading conditions in all of our geographic markets proved considerably more stable than in recent times.

"Strong progress was made in all major divisions, assisted by the resumption of growth in our raised access floors business. This was achieved despite dramatic pressures on our input costs."