Kingspan timber system sales slump

Kingspan Group’s engineered timber systems business saw a whopping 72% fall in sales during 2009.

The group said the result depressed the margin of its wider insulation boards business.

“The underlying profitability of the division continues to remain robust and should not be materially affected by the engineered timber systems business in the future,” it said.

Kingspan’s timber systems operations were all acquired within the past 10 years and formally came under the Kingspan Off-Site name.

Overall, the group’s pre-tax profits fell 17% to €56.7m last year, with sales down 33% to €1.12bn.