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Kingspan trading profit up 24pc in H1

Tuesday, August 26 10:16:03

Cavan-based building insulation materials group, Kingspan, this morning posted trading profits that rose by 24pc to E69.2m for its half year on revenues that climbed 4pc to E889.3m.

The improvement in the half year to the end of June came amid rising sales of its key products despite conditions remaining tough in the European construction sector.

"Kingspan has delivered strong growth in profitability, notwithstanding a tougher EU construction sector in the second quarter, and a global economic recovery that remains weak. Our order book carried good momentum into the second half of the year, driven by continued growth in the demand for low energy buildings," said Gene Murtagh, Chief Executive of Kingspan.

It said it experienced a good performance overall with sales levelling off in quarter two following a strong and "unseasonal" quarter one.

Insulated Panels sales were up 9pc and trading profit was up 30pc, reflecting "continuing penetration gains, a positive business mix, and some improvement in end markets in certain regions". Insulation Boards sales were up 1pc and trading profit was up 32pc, with a good performance in the UK in particular and an improved business mix. The Group's new facility in the Eastern region of Germany was fully commissioned in the second quarter.