Sales during the third quarter of the year were also up 9% on last time and margins improved as the rise in material costs eased.

But Kingspan warned that growth has eased recently in the wake of the Eurozone crisis and that construction levels were down 50% on 20-year average figures.

Sales of insulated boards and panels in the UK this year were up 8% on an underlying basis before the extra boost of acquisitions during 2011.

Environmental and renewable products sales were up 21% but the access floors division suffered a drop in turnover of 5%.

The trading statement said: “Against any any comparative measure of historic global activity, construction markets remain very weak with construction levels in the US and UK down approximately 50% on a 20 year average.

“This context is not likely to alter materially in the foreseeable future. Against this weak backdrop Kingspan has grown its sales, profits and geographic reach in the past year, driven by market penetration and conversion.

“Should the macro environment remain stable, albeit moribund, Kingspan’s product range and orientation towards energy efficient building solutions should support further gradual progress.

“The threat of markets retreating somewhat in 2012, however, remains a real possibility although visibility is more difficult in this environment.

“Given the Group’s performance year to date, together with the current order-book and inquiry levels into quarter four, we expect a full year 2011 operating profit in the range of €82m-€85m, up significantly from the €67.4m achieved in 2010.”