Kingpsan timber building system sales down 72%
Published: 01 March, 2010
Kingspan Groups engineered timber systems business experienced a 72% reduction in sales during 2009.
The group, whose off-site timber building business comprises Potton, Kingspan TEK and the former Century and Pace Timber systems operations, said the result depressed the margin of its wider insulation boards business.
The underlying profitability of the division continues to remain robust and should not be materially affected by the engineered timber systems business in the future, it said.
Kingspans timber systems operations were all acquired within the past 10 years and formally came under the Kingspan Off-Site name, but a reorganisation means the businesses report under the insulation boards division.
Overall, the groups pre-tax profits fell 17% to 56.7m last year, with sales down 33% to 1.12bn.
Chief executive Gene Murtagh said last year the group had experienced a set of global challenges never encountered before by the business.
While the year ahead will present continued challenges, there is now tangible evidence of stability emerging with conditions becoming more predictable than in the recent past, he said.
Are you attending this year's Ecobuild?
MOST READ ARTICLES