Kingspan has reported a 16 percent increase in earnings during 2014. Its after tax profit grew to €106.5m on the back of strong performances in the UK and the US -  revenues were up by 6 percent to €1.8bn.

The Cavan-based company says that volumes in Ireland are still relatively low, but the market is improving:

"Momentum is likely to continue as Ireland gradually rebuilds itself, and the overhang from the boom years gets absorbed, giving way to further new-build opportunities."

Ireland only accounts for 4 percent of the company’s business.

Kingspan recently bought its rival Joris Ide, the group says that it will spend 2015 integrating companies that it acquired in 2014.

Revenue at Kingspan's Insulated Panels business increased by 7 percent to €1.111bn - while trading profits increased by 18 percent to €89.2m.

European markets were largely stagnant - an increase in residential and non-residential construction in the UK led to gains. The company also reports "significant advancement" in its North American operations.