Business News

Kingspan Group reports 6% in revenue for 2014

By Business & Finance
23 February 2015

Kingspan Group announced its financial results for 2014, with global sales and trading profit growing 6% and 21% respectively.

The Group reported that Insulated Panels sales and trading profit up 7% and 18% respectively, reflecting strong margin improvement, particularly in the UK, North America, Australasia, and Kingspan Energy, the Group’s integrated solar panel business. Insulation Boards sales and trading profit up 8% and 35% respectively, owing to robust performance in both the UK and Benelux markets, and the continued growth of Kooltherm’s market presence more widely.

Stability at the Environmental division remained the priority, and the many new initiatives underway should lead to profit growth in 2015.

Three acquisitions were completed during the year: Dri-Design, a high-end architectural façade business in the US; Pactiv Insulation, a rigid foam board producer in the US; and PAL Insulation, a Dubai based supplier of ducting insulation. The combined consideration for these was €114.4m.

Commenting on the results, Gene Murtagh, chief executive of Kingspan said: “We are very pleased to report another strong year of profit growth at Kingspan, helped particularly by double-digit growth in our UK and North American businesses. Conditions in our core markets are improving, and our activity pipeline starting the new year is encouraging.”

He added: “We are delivering on our strategic goal of broadening our geographic base through acquisitions, and will focus intensively this year on the integration of the companies acquired in 2014 and the Joris Ide and Vicwest businesses when those deals are completed.”