Kingspan Group said profits for 2002 remain in line with market expectations even though its business environment remains uncertain.
The Cavan-based building materials group said cash flow remains strong and net debt at year-end is expected to be between €132 million and €134 million compared to €170 million at the end of 2001.
The company holds as treasury shares the shares that it bought back in September last and intends to cancel these shares before the year-end.
Yesterday, shares in Kingspan fell by over 10 per cent yesterday amid nervousness ahead of today's trading statement.
More than 1.6 million Kingspan shares were traded, around double the daily average volume, as the share price slid by 18 cents to €1.52.
Dealers said there were fears of more bad news from Kingspan, which has been forced to issue a number of profit warnings since the January 2001 acquisition of US business Tate.
