Operating profit at Irish building materials group Kingspan fell 60 per cent in 2009 while revenues were down 33 per cent.
The Co Cavan based firm reported this morning that operating profit was down from €157.1 million to €62.7 million while pretax profits fell from €68.1 million to €56.7 million.
Over the year, turnover declined by 33 per cent from €1.125 billion from €1.672 million while basic earnings per share rose 7 per cent to 28.7 cents.
The group said no final divided in respect of 2009 would be paid but added that payments may resume in fiscal 2010.
"In 2009 we experienced a set of global challenges never encountered before by the business," said Kingspan chief executive 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. Excellent progress has been made in debt reduction which positions the company with one of the strongest balance sheets in the industry," he added.
Insulation boards total sales volumes were down 23 per cent year-on-year. Insulated panel sales volumes in the UK, Ireland and Western Europe were down 33 per cent with sales volumes in North America falling 23 per cent.
Central and eastern Europe panel volumes were down 25 per cent.
While access floors sales volumes were down 31 per cent globally, margins improved from 14 per cent to 17.5 per cent.
Mr Murtagh said that while the year ahead will continue to present challenges for the group, "there is no tangible evidence of stability emerging with conditions becoming more predictable than in the recent past."
