Kingspan profits get lost in translation

Building products group Kingspan said profits rose by 3 per cent to €65.4 million in 2003 in a sluggish year for the commercial construction market.

Turnover for 2003 was €783.9 million, up 6 per cent compared to the previous year.  But the relative strength of the euro had a negative impact on the translation of  the results.

The euro's strength over 2003 knocked €60.5 million off turnover, €4.9 million off operating profit  and earnings were diluted by €2.2 million.

All markets, with the exception of the USA, showed good growth, Kingspan said.

The company will pay a total dividend of 7.2 cent per share, an increase of 22 per cent  on 2002.