Kingspan H1 profits up 37%

Construction products firm Kingspan has posted after tax profits of €29.2m for the firs six months of the year, up 37% from the €21.3m profits reported for the same period last year.

Revenue for the half year ended June 30, 2011, was up 32% to €736m, an increase of 16% excluding the acquisition of CRH Insulation Europe (CIE)

Trading profit was up 24% to €44.2m, an increase of 17% excluding the acquisition of CIE.

The company said earnings per share were up 38% to 17.3c, and it announced an interim dividend per share of 4.5c, up 12.5%.

"Kingspan has had a good first half in 2011 with strong organic growth complementing our recent acquisition which will bring even greater balance to our mix of geographies and products," said CEO Gene Murtagh.

"Kingspan continues to outperform both the market and the general macro environment with our range of high performance solutions although we remain very mindful in the period ahead of renewed global uncertainties and their possible impacts."