Kingspan Group has tabled record results for 2007, with its offsite division generating a 33% growth year-on-year.
The group announced a 27.5% increase in turnover year-on-year to €1.84bn, with its offsite and structural division, which accounts for 18% of the group’s sales, recording sales of €326.8m during 2007.
“Offsite construction has become much more prevalent in the UK in recent years, which is clearly evidenced by year-on-year growth of 66% in the market during 2007,” it said.
Kingspan operates the Kingspan Century timber frame operation, Kingspan Off-Site and Potton housebuilding businesses.
“The group’s emphasis has been placed predominantly on highly insulated timber frame applications, which showed growth in penetration in the England/Wales markets from 13-15% of residental construction.”
However, Kingspan noted that Ireland’s housing market is undergoing a “dramatic downturn likely to last at least until late 2009”, which is having an effect on the business in the short-term.
It also noted that current market conditions would see the group’s near-future performance “appreciably behind the 2007 outcome”, with limited access to debt markets and lower consumer confidence “resulting in contraction of building activity generally”.
The company’s insulated panels and boards divisions also recorded healthy growth in 2007, at 33% and 17% respectively. This was aided by continued growth in both the UK and Ireland’s commercial markets, as well as market growth across Europe, it said.
