Irish building materials group Kingspan has reported a 9 per cent increase in pre-tax profits to €73.4 million for the year to December 2001.
Sales for the year stood at €828.9 million - 25 per cent higher than 2000.
Operating profits, before amortisation of goodwill, increased by €16.6 million or 20.6 per cent compared to 2000.
The figures were in line with forecasts but the company warned that trading would be difficult in 2002.
Sales in Britain and Northern Ireland, which accounted for 59 per cent of group turnover, increased by 8 per cent to €493.8 million while sales in Europe were up 5 per cent to €94.1 million.
Sales in the US jumped to €109.2 million from €2.56 million in 2000.
The Co Cavan-based company said the performance of its US business Tate had been "extremely disappointing".
"Demand conditions in the global building materials sector are expected to remain challenging in the current year particularly in the area of high-rise office development," chairman Eugene Murtagh said in a statement this morning.
". . .Against an overall challenging background, the group's enlarged product portfolio remains strategically well positioned for the future". Cash generation can be expected to remain strong again in 2002 and this will enable the group to take advantage of any opportunities that arise."