Menu
23/08/2010
Kingspan Reigns Supreme
Just six months after the building materials supplier Kingspan recorded falling profits and sales, a major turn-round in fortunes has seen the firm make its first operating profit in three years.
The Cavan-based company, which has a factory in Portadown, said profits from January to June rose to €33m - up 9% on last year.
The company said the improvement was helped by cost cutting measures over the last two years.
The revenues rose by 1% to €58m from €552m while pre-tax profits rose to €25.5m from €24.9m.
The news is good for job seekers too as, in May, with things on the turn, the company said it would create 163 jobs in Portadown as part of a £47m expansion.
The engineering and manufacturing posts will be created at the Kingspan Renewables business, which makes solar power equipment.
It said that recovery was clearly evident in many of the group's businesses in the UK, Germany and central Europe.
But it added that Ireland as a market weakened further, while office construction internationally also continued to decline.
Just last March, the firm's profit fell to €56.7m (£50.5m) from €68.1m (£60.7m), on turnover that was down by 33% at €1.1bn (£1bn).
(BMcC/GK)
The Cavan-based company, which has a factory in Portadown, said profits from January to June rose to €33m - up 9% on last year.
The company said the improvement was helped by cost cutting measures over the last two years.
The revenues rose by 1% to €58m from €552m while pre-tax profits rose to €25.5m from €24.9m.
The news is good for job seekers too as, in May, with things on the turn, the company said it would create 163 jobs in Portadown as part of a £47m expansion.
The engineering and manufacturing posts will be created at the Kingspan Renewables business, which makes solar power equipment.
It said that recovery was clearly evident in many of the group's businesses in the UK, Germany and central Europe.
But it added that Ireland as a market weakened further, while office construction internationally also continued to decline.
Just last March, the firm's profit fell to €56.7m (£50.5m) from €68.1m (£60.7m), on turnover that was down by 33% at €1.1bn (£1bn).
(BMcC/GK)
Related Northern Ireland News Stories
Click here for the latest headlines.
04 April 2024
Ten Arrests Made During PSNI Safer Business Action Day
Ten arrests were made during a PSNI day of action on business crime on Friday, 29 March. The PSNI worked with a number of partners in the business community as part of a Safer Business Action Day.
Ten Arrests Made During PSNI Safer Business Action Day
Ten arrests were made during a PSNI day of action on business crime on Friday, 29 March. The PSNI worked with a number of partners in the business community as part of a Safer Business Action Day.
04 April 2024
Latest Phase Of Business Net Zero Initiative Launches
The latest phase of an ongoing initiative to help NI firms achieve their net zero ambitions, has been announced by the Department Agriculture, the Environment and Rural Affairs (DAERA), in partnership with Digital Catapult.
Latest Phase Of Business Net Zero Initiative Launches
The latest phase of an ongoing initiative to help NI firms achieve their net zero ambitions, has been announced by the Department Agriculture, the Environment and Rural Affairs (DAERA), in partnership with Digital Catapult.
19 March 2024
FMDFM Attend St Patrick's Day Reception At The White House
Northern Ireland's First and Deputy First Minister have met with United States President, Joe Biden, at a St Patrick's Day reception at the White House. Michelle O'Neill and Emma Little-Pengelly used the opportunity to highlight the benefits of the unique relationship between the U.S. and Northern Ireland.
FMDFM Attend St Patrick's Day Reception At The White House
Northern Ireland's First and Deputy First Minister have met with United States President, Joe Biden, at a St Patrick's Day reception at the White House. Michelle O'Neill and Emma Little-Pengelly used the opportunity to highlight the benefits of the unique relationship between the U.S. and Northern Ireland.
15 March 2024
NI's 'Unique' Dual Market Access Highlighted To US Business Leaders
Economy Minister, Conor Murphy, has highlighted the "unique trading position" offered by Northern Ireland's dual market access, in his address to a reception of business leaders in Washington, DC.
NI's 'Unique' Dual Market Access Highlighted To US Business Leaders
Economy Minister, Conor Murphy, has highlighted the "unique trading position" offered by Northern Ireland's dual market access, in his address to a reception of business leaders in Washington, DC.
14 March 2024
Mums At Work: Entrepreneurs To Share Journey & Expertise
A whole host of local entrepreneurs are set to take to the stage at the Mums At Work Elevate Your Business event later this month.
Mums At Work: Entrepreneurs To Share Journey & Expertise
A whole host of local entrepreneurs are set to take to the stage at the Mums At Work Elevate Your Business event later this month.
-
Northern Ireland WeatherToday:A mostly cloudy start with scattered showers, the showers becoming more isolated and largely confined to the south this morning. Becoming brighter this afternoon, the best of any sunnier spells across northern counties. Northerly winds easing. Maximum temperature 12 °C.Tonight:A dry evening with late sunny spells and some long clear spells overnight. Becoming cloudier across the north towards dawn with a few showers possible. Touch of frost in south. Minimum temperature 0 °C.
