Kingspan has announced increased 2007 full-year pre-tax profits despite the current downturn in activity.

The Irish building products manufacturer this morning posted a pre-tax profit of €224.2m for 2007, up from €185.2m a year ago, an increase of just over 21%.

However, the group has warned that its 2008 earnings are likely to lag 'appreciably behind' the 2007 figures if present market conditions persist. It also noted that "the buoyancy" of the first half of 2007 was not evident in the second half.

Kingspan Chief Executive Gene Murtagh said: "Kingspan delivered another record year of profitable growth in 2007. Our strategy of focusing on higher growth, energy sensitive segments of the building industry with a diverse product range will continue to be beneficial in dealing with a backdrop of challenging market conditions and the ongoing battle against climate change.

-- Advertisement --

"As a Group, we have little control over global market conditions, but are clearly taking all reasonable measures to respond to the immediate challenges facing the business. That aside, we believe our ability to penetrate further into existing markets and our continually expanding geographic reach, coupled with the growing global demand for energy conserving building systems, will provide excellent growth opportunities for Kingspan in the longer term."

The sale of insulated panels, which accounts for 40% of group sales continued to grow and generated €763.6m last year, a rise of 33%.

In Ireland, sales volumes of insulated panels grew by 9% but "exceptional growth" was seen in Central & Eastern Europe, together with Turkey.

Canada and Australia, both delivered solid progress for the company last year.

(VB/JM)