Kingspan is attracting a buy recommendation from Investec following its acquisition of the US Tate Global group. The acquisition is being seen as a major step forward for the company and will strengthen its efforts to diversify its international business.

Tate will lift Kingspan's turnover by 26 per cent this year, according to Investec, which is forecasting pre-tax profit growth of 35 per cent to €96 million this year.

Through Tate, Kingspan will immediately become the market leader for raised access flooring in the US, with a market share of 60 per cent. It already has a 65 per cent market share in the UK. The group has continued to experience strong demand in the past year and is now planning to build new lines to keep up with demand.