Kingspan sales increase by 6%

Building materials group Kingspan has seen its first growth in three years as it revealed that its sales for the year to the end of December climbed by 6% to €1.19bn.

Operating profits at the firm also went up by 8% to €67.4m and it reinstated its dividend for the year at 10 cent.

The company achieved stability across the UK market, with overall Group sales in that region up 3%.

They also saw growth in the US Insulated Panel business, up 16% year on year, and strengthened its position in Australia, enhanced by the integration of AIR-CELL Insulations since its acquisition in December 2009.

Gene Murtagh, Chief Executive of Kingspan said: "The return of stability was a key theme in 2010 with Kingspan recording an increase in both sales and profits for the first time in three years. The Group has emerged from this period, albeit at a lower base, with a business that is broader

and deeper than ever before.

"A combination of a strong balance sheet, recent acquisitions and new products provides a platform for Kingspan to drive further convergence to more efficient building solutions across an increasing global footprint."