The company, which recorded pre-tax profits of €62.4m a year ago, also said its offsite and structural division had expanded by 17% compared to the same period in 2005. Much of the division’s growth was attributed to the acquisition of timber frame manufacturer Century Homes last year.

Kingspan said the strong housing market in Ireland and an increase in people’s awareness of lower energy building methods “continued to drive growth in the penetration of timber frame homes”.

“Both the investor’s and the public’s knowledge of the long-term cost benefits of timber frame, the compelling build speed advantages of modern methods of construction (MMC), and the looming regulation changes in 2008 all provide us with confidence in the medium-term prospects for this business in Ireland,” the company said.

Kingspan said MMC was growing in England but at a slower rate. It estimated timber frame’s share of new housing in England could expand from the current 11% to 20% by 2010.

Group sales reached €675.9m, up 16.5% on a year ago.