Irish buildings group Kingspan have announced pre-tax profits of €108.2 million for the first half of 2007, an increase of almost 30 per cent in the past year.

The company’s earnings per share also grew 30 per cent to 52.7 cent and a 33 per cent higher interim dividend of eight per cent will be paid.

Kingspan’s insulation businesses are benefiting from new European regulations which require homes to be more ‘green’. Analysts forecast an increased revenue of €866.3 million, however they surpassed these figures with a 34.4 per cent rise to €908.4 million.

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The company said it believes “relentless conversion” from traditional systems has led to significant growth in its insulation panel and board business in the UK.

Other factors include the unseasonably good weather in the first few months of the year. A cool-down in Ireland’s once booming property market is expected to affect house building in the last six months of this year, however analysts say Kingspan’s exposure to the country’s residential sector only counts for around eight to 10 per cent of their sales.

“Among the key indicators of future performance in the group are both order intake and quotations,” Kingspan said in a statement.

“In the group’s larger businesses, these levels of activity have been greater than ever experienced in Kingspan before.”

The environmental and renewable division saw increases of 18 per cent to €141.6 million, offsite and structural increased by 48 per cent to €169.3 million. The access floors division also saw increases of a quarter to €92.3 million.

(JM/SP)