Building materials group Kingspan said today half-year pre tax profits were €28.3 million and slightly lower than last year on account of the negative effect of converting sterling profits to euros.
The weakness of sterling and the dollar in relation to the euro, reduced profits before tax and goodwill by around €1.7 million and took €33 million off turnover, Kingspan said.
Turnover of €380.3 million was up 5.5 per cent on the first six months of 2002.
Kingspan also announced that it is to separate the roles of chairman and chief executive. This will be done in 2004 when an independent non-executive chairman will be appointed. Mr Gene Murtagh has been appointed chief operating officer.
The company, which makes flooring and panelling, said market conditions in all regions remain difficult but new products are beginning to take hold and have the ability for improved momentum.
Kingspan added it expects to benefit from the British government-sponsored private finance initiative to build new hospitals and schools and continues to develop and present its products with this in mind.
Kingspan proposed an interim dividend of 2.6 cent per share will be paid on October 10th to shareholders on the register at close of business on September 19th 2003, an increase of 24 per cent on the 2002 interim dividend.