Kingspan forecasts 33% profit slump for 2008

Building materials group Kingspan has forecast a 33% slump in operating profits for the year due to the downturn in the Irish and UK construction sectors as well as rising raw materials costs.

In its latest interim management statement the company said sales had fallen 9% in the 10 months to October 31 compared to the same period in 2007, but were down 3% on a constant currency basis.