Building products group Kingspan said profits rose by 3 per cent to €65.4 million in 2003 in a sluggish year for the commercial construction market.
Turnover for 2003 was €783.9 million, up 6 per cent compared to the previous year. But the relative strength of the euro had a negative impact on the translation of the results.
The euro's strength over 2003 knocked €60.5 million off turnover, €4.9 million off operating profit and earnings were diluted by €2.2 million.
All markets, with the exception of the USA, showed good growth, Kingspan said.
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The company will pay a total dividend of 7.2 cent per share, an increase of 22 per cent on 2002.