Kingspan boosted by refurbishment work
Published: 22 August, 2011
CAVAN: Strong sales in Kingspan's core insulation panel and boards market saw revenue rise 32% during the first half of the year to €736m.
Profit after tax was also up 37% from last time to €29.2m as the acquisition of CIE Insulation during the period boosted the numbers.
Raw material rises continued to be a major drag on margins with the cost of steel and chemicals set to add €80m to costs this year.
Sales in the UK insulated panel business grew by 16% with retail and refurbishment work leading the charge.
The CIE deal saw the UK insulation board business grow sales by 34% with refurbishment again the main growth sector.
Revenue dipped 5% in the access floors division but work is expected to pick-up in the UK next year as the office market recovers.
Gene Murtagh, chief executive officer, said: "Kingspan has had a good first half in 2011 with strong organic growth complementing our recent acquisition which will bring even greater balance to our mix of geographies and products.
"Kingspan continues to outperform both the market and the general macro environment with our range of high performance solutions although we remain very mindful in the period ahead of renewed global uncertainties and their possible impacts."