Kingspan reports 34% fall in operating profit

Building materials group Kingspan has posted a 34 per cent drop in operating profit said this year would present greater challenges…

Building materials group Kingspan has posted a 34 per cent drop in operating profit said this year would present greater challenges due to deteriorating economic conditions.

"In the present circumstances, where the conservation of cash in the group and the protection of the balance sheet is crucial, the board is recommending that no final dividend in respect of 2008 be paid," it said.

The maker of products ranging from insulation boards to timber frames said operating profit before non-trading items reached €157.1 million.

It recorded an adjusted earnings per share of 76 cents in 2008, down 31.2 per cent.

"2009 will present greater challenges than the year gone by and the prime focus is cost and cash management throughout the organisation," Kingspan chief executive Gene Murtagh said in a statement.

Reuters