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23/08/2010
Kingspan Reigns Supreme
Just six months after the building materials supplier Kingspan recorded falling profits and sales, a major turn-round in fortunes has seen the firm make its first operating profit in three years.
The Cavan-based company, which has a factory in Portadown, said profits from January to June rose to €33m - up 9% on last year.
The company said the improvement was helped by cost cutting measures over the last two years.
The revenues rose by 1% to €58m from €552m while pre-tax profits rose to €25.5m from €24.9m.
The news is good for job seekers too as, in May, with things on the turn, the company said it would create 163 jobs in Portadown as part of a £47m expansion.
The engineering and manufacturing posts will be created at the Kingspan Renewables business, which makes solar power equipment.
It said that recovery was clearly evident in many of the group's businesses in the UK, Germany and central Europe.
But it added that Ireland as a market weakened further, while office construction internationally also continued to decline.
Just last March, the firm's profit fell to €56.7m (£50.5m) from €68.1m (£60.7m), on turnover that was down by 33% at €1.1bn (£1bn).
(BMcC/GK)
The Cavan-based company, which has a factory in Portadown, said profits from January to June rose to €33m - up 9% on last year.
The company said the improvement was helped by cost cutting measures over the last two years.
The revenues rose by 1% to €58m from €552m while pre-tax profits rose to €25.5m from €24.9m.
The news is good for job seekers too as, in May, with things on the turn, the company said it would create 163 jobs in Portadown as part of a £47m expansion.
The engineering and manufacturing posts will be created at the Kingspan Renewables business, which makes solar power equipment.
It said that recovery was clearly evident in many of the group's businesses in the UK, Germany and central Europe.
But it added that Ireland as a market weakened further, while office construction internationally also continued to decline.
Just last March, the firm's profit fell to €56.7m (£50.5m) from €68.1m (£60.7m), on turnover that was down by 33% at €1.1bn (£1bn).
(BMcC/GK)
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