Sales at Kingspan showed year on year growth for the first time in three years, while operating profit also increased despite a globally "tumultuous" 2010.

The insulation and construction materials group saw sales rise 6 per cent as stability returned to the group and a number of regions and business areas reported progress.

Group revenue for 2010 was €1.19 billion, compared to €1.13 billion a year earlier, while operating profit for 2010 rose for the first time in three years to €67.4 million, an 8 per cent rise. However, pre-tax profit fell to €55.7 million from €56.7 million in 2009.

In a statement this morning, the group reported adjusted earnings per share (EPS) of 30.9 cent, a rise of 20 per cent. Basic earnings per share grew 2 per cent.

Kingspan reported stability across the UK market as overall group sales in the region increased by 3 per cent. The US insulated panel business was 16 per cent higher compared to 2009, while the company also bolstered its position in Australia as it integrated its 2009 acquisition Air-cell Insulations.

The group is also anticipating growth in continental Europe as the result of an agreement to buy the western European CIE Insulation businesses for about €120 million.

The company said it had made "substantial" progress in reducing its debt, with net debt down to €128.7 million at the end of 2010 compared to €164.3 million previously.

"The return of stability was a key theme in 2010 with Kingspan recording an increase in both sales and profits for the first time in three years. The group has emerged from this period, albeit at a lower base, with a business that is broader and deeper than ever before," chief executive Gene Murtagh said.

"A combination of a strong balance sheet, recent acquisitions and new products provides a platform for Kingspan to drive further convergence to more efficient building solutions across an increasing global footprint."