Cavan, Republic of Ireland -- Insulation manufacturer Kingspan has reported sales down by 33 percent to Euro 1125 million ($1522 million) for the full year 2009, compared to 2008. Operating profit fell 60 percent to Euro 62.7 million, a 1 March company statement said.
Kingspan's Insulated Panels business, accounting for 51 percent of total group turnover, reported sales down by 31 percent to Euro 594 million for 2009, compared to the previous year, with sales volumes and order intake falling by 35 percent and by 34 percent respectively. Kingspan said the downward spiral eased towards the end of the year, reflected in an improved order intake, but said speculative development, previously a key driver, has practically ceased, resulting in smaller average order size.
The company's Insulation Boards business, which accounts for 21 percent of total group turnover, reported sales down by 38 percent to Euro 215 million. Volumes were also down, falling 25 percent compared to the previous year, Kingspan said.
The company reduced net debt to Euro 164 million, down from Euro 299 million in 2008.
"In 2009 we experienced a set of global challenges never encountered before by the business," said Kingspan ceo, Gene Murtagh. "In the circumstances, the company delivered a robust and resilient performance having responded to the challenges by overhauling our cost structure and focusing on cash generation," he added.
The Kingspan ceo also said that there is "tangible evidence of stability emerging" with conditions becoming more predictable, adding that global energy conservation initiatives continue to gather pace, which will play to the company's strengths. (RD)"
