BUILDING MATERIALS GROUP Kingspan has reported a rise in operation profits for the first time in three years.
Profits were up 9% to €33.1m for the six months ending 30 June.
The company said that demand for its insulated panel products in the UK had grown 14% on the same period of last year. Strong sales in the US and continental Europe were also credited with bolstering the company’s coffers.
Speaking on RTÉ Radio One this morning, Kingspan’s CEO, Gene Murtagh, said that the vast majority of the company’s business is outside of Ireland, and most of that is in the UK.
Business “took off”
Murtagh said that while Kingspan was “in the same boat as everybody else for January and February,” things “took off” in May and June, and he sees no reason why the next six months won’t also be good for the company.
Although new build is down in Ireland, Murtagh said people are willing to spend money on refurbishment and on the back of this trade, business has been “reasonably good” for Kingspan.
But he also said he was confident that in the “not too distant future” Ireland would see growth in its new build sector, because the current low level of new build is unsustainable for the population.
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