Kingspan Income Rises 24%, But Lowers Expectations

Dublin, Ireland, March 3, 2008—Access flooring maker Kingspan Group Plc, said annual profit rose 24 percent due to demand in the U.K. and Europe.

However, the company cut its guidance for 2008 profit growth.

Net income increased to $165.4 million and sales grew 27 percent.

``Limited access to debt markets for investors and developers along with dwindling consumer confidence is resulting in contraction of building activity generally,'' Kingspan said in the statement. ``If present market conditions persist it is likely to result in the group's earnings performance being appreciably behind the 2007 outcome.''