Kingspan profits build-up

Substantial growth has been achieved by Kingspan Group, the Cavan-based building materials company, with a 157 per cent increase in pre-tax profit from £5.09 million to £13.07 million in the six months to June 30th, 1997. The market showed its approval and pushed the share up 55p to a record £10.

Acquisitions accounted for some of the growth but, even if these earnings are excluded, Kingspan still doubled its gross profits.

The results are much better than expected and brokers' profits projections for the full year are likely to be revised upwards.