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Kingspan profits up but sounds 2008 warning

Materials group Kingspan posted a 21 per cent jump in pre-tax profit, cashing in on the growing demand for environmentally friendly building.

The Irish company today announced a pre-tax profit of £171.4 million for the year to December on turnover of £1.4 billion, up 27.5 per cent from 2006.

But the group sounded a warning for the current year, signalling that earnings were likely to deteriorate if the downbeat conditions in capital and debt markets continued.

Chief executive Gene Murtagh said that while Kingspan had little control over market conditions, it was “clearly taking all reasonable measures to respond to the immediate challenges facing the business”.

Mr Murtagh said the group’s strategy of focusing on the high-growth “energy sensitive segments” of the building industry was paying dividends and would continue to provide growth opportinities.

Revenue from insulated panels, which accounted for 40 per cent of group sales, climbed 33 per cent in 2007 to £583.3 million.