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Kingspan reports return to growth

Kingspan has reported year on year growth for the first time in three years.

According to the latest update from the insulation and construction materials group, sales rose 6 per cent over the course of the year, as a number of regions and business areas reported progress.

It also revealed that despite enduring a “tumultuous” 2010, operating profit also increased.

Revenue for the year increased to 1.19 billion euro (£1bn), up from 1.13bn euro in 2009. Kingspan revealed that operating profit rose 8 per cent to 67.4 million euro.

The group reported adjusted earnings per share of 30.9 per cent, a rise of 20 per cent. Basic earnings per share increased by 2 per cent.

In the UK sales increased by 3 per cent last year, while the firm was also boosted in Australia by its acquisition of Air-cell Insulations.

Looking forward, Kingspan said it was expecting to see growth in continental Europe this year after its takeover of the western European CIE Insulation businesses for 120m euro.

Kingspan chief executive Gene Murtagh said: “A combination of a strong balance sheet, recent acquisitions and new products provides a platform for Kingspan to drive further convergence to more efficient building solutions across an increasing global footprint.”

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