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Operating profit at Irish building materials group Kingspan
fell 60 per cent in 2009, while revenues were down 33 per
cent.
The Co Cavan-based firm reported that operating profit was
down from €157.1 million to €62.7 million, while pretax profits
fell from €68.1 million to €56.7 million.
Over the year, turnover declined by 33 per cent from €1.125
billion from €1.672 million, while basic earnings per share
rose 7 per cent to 28.7 cents.
The group said no final divided in respect of 2009 would
be paid, but added that payments may resume in fiscal 2010.
"In 2009, we experienced a set of global challenges never
encountered before by the business," said Kingspan
chief executive Gene Murtagh.
"In the circumstances, the company delivered a robust and
resilient performance having responded to the challenges by
overhauling our cost structure and focusing on cash generation.
Excellent progress has been made in debt reduction which positions
the company with one of the strongest balance sheets in the
industry," he added.
Insulation boards total sales volumes were down 23 per cent
year-on-year. Insulated panel sales volumes in the UK, Ireland
and Western Europe were down 33 per cent with sales volumes
in North America falling 23 per cent. Central and eastern
Europe panel volumes were down 25 per cent.
While access floors sales volumes were down 31 per cent globally,
margins improved from 14 per cent to 17.5 per cent.
Mr Murtagh said that, while the year ahead will continue
to present challenges for the group, "there is no tangible
evidence of stability emerging with conditions becoming more
predictable than in the recent past."
Source - The Irish Times
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