Kingspan profits up 61% as the company reports strong half-yearly growth

Business | Mon 24 Aug | Author – Business & Finance
Gene Murtagh

Kingspan’s half-yearly financial report shows exceptional growth for the firm with revenue up 39% to €1.24bn.

The building materials company reported strong delivery overall with encouraging organic growth complemented by significant development activity. “Kingspan has had an exceptionally strong start to the year, underpinned by solid organic growth,” Gene Murtagh, chief executive of Kingspan said.

Trading profit was up 61% to €111.7m, while there was a Group trading margin of 9.0%, an increase of 120bps versus the same period in 2014. Acquisitions contributed 26% to sales growth and 31% to trading profit growth in the period. “Good progress has also been made with the integration of the Joris Ide and Vicwest businesses acquired during the period, both of which contribute significantly to the global evolution of Kingspan,” Murtagh explained.

“With reduced levels of economic uncertainty in Continental Europe, and improving levels of building activity in the UK and US, we are optimistic about the outlook for the full year,” Murtagh added.