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Building Insulation provider Kingspan reported a rise in annual profit amid increased insulation product sales. But the company also said it had made a slow start to 2020 following an uncertain economic outlook in its end markets.
For the year ended 31 December 2019, pre-tax profit rose to €454.4m from €303.9m on-year and revenue was up 7% to €4.7bn.
The company declared a final dividend per share of 33.5 cent, taking the total dividend for the year to 46.5 cent, up 10.7%.
'2019 was another year of solid growth for the business, ending a decade during which the company's revenue increased fourfold, and trading profit increased sevenfold,' Kingspan said.
'Performance this year was helped by increased penetration of our proprietary high-performance insulation products QuadCore and Kooltherm. This structural shift in building techniques and materials used also drove our increased profit margins,' it added.